=Cisco Systems (CSCO) reported earnings on Wed 13 Nov 19 (a/h)

Cisco Systems beats by $0.03, reports revs in-line; guides Q2 EPS below consensus, revs well below consensus

Reports Q1 (Oct) earnings of $0.84 per share, excluding non-recurring items, $0.03 better than the S&P Capital IQ Consensus of $0.81; revenues rose 0.7% year/year to $13.16 bln vs the $13.09 bln S&P Capital IQ Consensus, with product revenue up 1% and service revenue up 4%.
Revenue by geographic segment was: Americas up 4%, EMEA up 4%, and APJC down 8%. Product revenue was led by growth in Security, up 22% and Applications, up 6%. Infrastructure Platforms was down 1%.
On a non-GAAP basis, total gross margin, product gross margin, and service gross margin were 65.9%, 66.1%, and 65.4%, respectively, as compared with 64.2%, 63.6%, and 65.8%, respectively, in the first quarter of fiscal 2019.

Co issues downside guidance for Q2, sees EPS of $0.75-0.77 vs. $0.79 S&P Capital IQ Consensus; sees Q2 revs down 3-5% to ~$11.82-12.07 bln vs. $12.77 bln S&P Capital IQ Consensus; adj. gross margin 64.5-65.5%.