Cisco Systems (CSCO) reported earnings on Wed 15 May 24 (a/h)

 

Cisco beats by $0.05, beats on revs; guides Q4 (Jul) EPS in-line, revs above consensus; seeing stabilization of demand 

• Reports Q3 (Apr) earnings of $0.88 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $0.83; revenues fell 12.8% year/year to $12.70 bln vs the $12.53 bln FactSet Consensus.
  • Non-GAAP operating margin at 34.2% compared to 33.5-34.5% prior guidance.
  • Total annualized recurring revenue (ARR) at $29.2 billion including $4.2 billion from Splunk, up 22% year over year, and product ARR at $15.5 billion, up 44% year over year.
    
• Co issues guidance for Q4 (Jul), sees EPS of $0.84-0.86, excluding non-recurring items, vs. $0.86 FactSet Consensus; sees Q4 revs of $13.4-13.6 bln vs. $13.25 bln FactSet Consensus.
  • Co expects Q4 non-GAAP operating margin of 31.5-32.5%.
• Co added, "Customers are consuming the equipment shipped over the last few quarters in line with our expectations and we are seeing stabilization of demand as a result. The addition of Splunk to our product line will be a catalyst for further growth."
• Co announced that Gary Steele, former Splunk CEO, was named president of Go-to-Market, effective immediately.

Earnings this week : May 13 - 17, 24 (wk 20)

Monday (May 13)

• Morning: ACIU FTRE HUYA LEGN TME
• Afternoon: AGYS AHR ALLO  AUGX PSFE  STNE

Tuesday (May 14)

• Morning: BABA HD IHS IGT JACK ONON SE SFL SDHC SONY
• Afternoon: BOOT CSWC DHT DLO NXT PBH

Wednesday (May 15)

• Morning: ARCO DOLE DT MNDY RSKD
• Afternoon: CSCO CPA GRAB MAXN  REKR  SPIR ZTO

Thursday (May 16) 

• Morning: WMS BIDU GOOS DE LSPD NICE UAA WMT
• Afternoon: AMAT CPRT DOCS DXC FLO TTWO

Friday (May 17)

• Morning: RBC

Earnings spotlight: Monday, May 13 - Petrobras (PBR), Tencent Music (TME), and Agilysys (AGYS).  

Earnings spotlight: Tuesday, May 14 - Home Depot (HD), Alibaba (BABA), Sony (SONY), Tencent Holdings (OTCPK:TCEHY), and Flutter Entertainment (FLUT).  

Earnings spotlight: Wednesday, May 15 - Cisco Systems (CSCO), Grab Holdings (GRAB), Spire Global (SPIR), and Hut 8 (HUT). 

Earnings spotlight: Thursday, May 16 - Walmart (WMT), Applied Materials (AMAT), Deere (DE), JD.com (JD), Baidu (BIDU), Take-Two Interactive (TTWO), and Under Armour (UAA).

==Splunk (SPLK) to be acquired by Cisco (CSCO) for $28 billion, or $157.00 per share

 

Splunk: Cisco (CSCO) to acquire Splunk for $157 per share in cash, representing approximately $28 billion in equity value

• Transaction Details: Under the terms of the agreement, Cisco intends to acquire Splunk for $157 per share in cash, representing approximately $28 billion in equity value. The transaction is expected to be cash flow positive and gross margin accretive in the first fiscal year post close, and non-GAAP EPS accretive in year two. Additionally, it will accelerate Cisco's revenue growth and gross margin expansion. The transaction will not impact Cisco's previously announced share buyback program or dividend program. The acquisition has been unanimously approved by the boards of directors of both Cisco and Splunk. It is expected to close by the end of the third quarter of calendar year 2024, subject to regulatory approval and other customary closing conditions including approval by Splunk shareholders.

Cisco Systems (CSCO) reported earnings on Wed 15 Feb 23 (a/h)

 

Cisco beats by $0.02, beats on revs; guides Q3 EPS above consensus, revs above consensus; raises FY23 guidance; raises dividend 3%

• Reports Q2 (Jan) earnings of $0.88 per share, excluding non-recurring items, $0.02 better than the S&P Capital IQ Consensus of $0.86; revenues rose 6.9% year/year to $13.59 bln vs the $13.41 bln S&P Capital IQ Consensus.
• Total annualized recurring revenue (ARR) at $23.3 billion, up 6% year over year and product ARR up 11% year over year
• Total software revenue up 10% year over year and software subscription revenue up 15% year over year
• Remaining performance obligations (RPO) at $31.8 billion, up 4% year over year and product RPO up 7% year over year
• Co issues upside guidance for Q3, sees EPS of $0.96-0.98, excluding non-recurring items, vs. $0.89 S&P Capital IQ Consensus; sees Q3 revs of +11-13% yr/yr to $14.25-14.50 bln vs. $13.59 bln S&P Capital IQ Consensus.
• Co issues raised guidance for FY23, sees EPS of $3.73-3.78 from $3.51-3.58, excluding non-recurring items, vs. $3.55 S&P Capital IQ Consensus; sees FY23 revs of +9.0-10.5% yr/yr to $56.2-56.97 bln from $53.88-54.91 bln vs. $54.5 bln S&P Capital IQ Consensus.
• Cisco has declared a quarterly dividend of $0.39 per common share, a 1-cent increase or up 3%, over the previous quarter's dividend, to be paid on April 26, 2023 to all stockholders of record as of the close of business on April 5, 2023. Future dividends will be subject to Board approval.

Earnings this week : Feb 13 - 17, 23 (wk 7)

Monday (Feb 13)

• Morning:  CHKP MNDY TDC THS
• Afternoon: AMKR ANGI ACGL ANET CAR NTB BLKB BRX CDNS DENN ES FE IAC INST IRBT LSCC MEDP MKSI MRC OTTR PLTR SEDG VNO

Tuesday (Feb 14)

• Morning: CAE CLF KO ECL DAVA ENTG EXC FELE GEO GFS HRI HWM INMD IPGP LCII LDOS MAR MIR BTU PKI QSR SAFE TRP TRU TRTN WCC ZTS
• Afternoon:  ADPT ABNB AKAM ANDE BL CRK CNDT DVN WIRE GDDY GXO HLF LTHM MGY NMIH OSUR SCI SU TX TRIP UDMY UPST

Wednesday (Feb 15)

• Morning:  ADI AVNT GOLD BIIB CLBT CEVA CHEF CIM CHH FIS GNRC HCSG HL IDCC KRNT KHC DNUT LAD MLM NVMI OC PSN RBLX R SABR SITE SAH SUN TMHC TTD TPG WAB WKME WAT
• Afternoon:  TXG ALB ALSN AMED AEE AIG AWK AMPL AM AR ATCO AVTA SAM CF CSCO CYH CPA ET EQT EQIX FARO FSLY FCPT HST INVH KGC MFC MRO MSA NEX NUS NTR PLMR PGRE PEGA QS QDEL RSG REZI ROIC RNG ROKU ROL RPT SGEN SHOP STAG SUM SPWR SNPS TNET TROX TRUP TWLO TYL UPWK VECO HCC WCN WELL WH ZD ZG

Thursday (Feb 16)

• Morning: ALKS ALE ARCH ATHM BLMN BPMC CAMT CBZ FUN CVE CEG CROX DDOG DOCN DTM DNB ETR EPAM FOCS HAS HSIC H IDA ITGR IRDM IRWD KBR KELYA LH LXP MTRN NMRK DNOW OGN PARA PBF POOL POR RCM RS SAGE STNG SHAK SO SCL SYNH TOST TSEM USFD VC VNT VMC WSO WST WE ZBRA
• Afternoon:  AEM AL AEL COLD AMN APPN AMAT ATR BIO BJRI BFAM CWST CHUY CGNX COHU ED DLR DASH DKNG DBX ELME EIG FBIN GLOB LOPE HTGC HUBS INDI KNSL LTC MERC MNTV NVRO NWE OIS OEC PACB PCOR RMAX RDFN SWAV TSLX STEM TXRH RARE

Friday (Feb 17)  

• Morning:  AMCX ABR AN B CNP CBRG DE MD PPL

===Splunk (SPLK) : $20 billion-plus takeover from Cisco (CSCO)

Cisco Systems Inc. (CSCO) has made a takeover offer worth more than $20 billion for software maker Splunk Inc.   Its most recent deal of size was its nearly $5 billion purchase of Acacia Communications Inc. in 2021.

Splunk is currently searching for a chief executive after Doug Merritt stepped down from the role in November after roughly six years following a series of disappointing earnings reports. The company named Chairman Graham Smith as interim CEO, a position he still holds.

Splunk, founded in 2003, makes software used by companies’ information-technology and security operations to monitor and analyze data.

Software has been a hot corner of the M&A market lately, with a number of companies in the sector being snapped up by private-equity firms or other industry players. In one of the latest examples, Citrix Systems Inc. agreed to be taken private by a pair of private-equity firms in an acquisition valued at $16.5 billion, including debt.

Splunk said in June that technology-focused private-equity firm Silver Lake was making a $1 billion investment in the company to help support the transformation of the business. Splunk has been shifting from a traditional software-licensing arrangement to a cloud-based subscription model. An increase in the shares on news of that investment had evaporated by the close of trading Friday.

There were $2.6 trillion of merger deals announced in the U.S. in 2021, up 76% from the prior year, according to Dealogic.

Cisco Systems (CSCO) reported earnings on Wed 12 Aug 20 (a/h)

** charts after earnings **

 

Cisco announces that CFO Kelly Kramer has notified the co of her decision to resign, she will stay on until a replacement is named

Cisco beats by $0.06, reports revs in-line; guides OctQ EPS below consensus, revs below consensus

Reports Q4 (Jul) earnings of $0.80 per share, excluding non-recurring items, $0.06 better than the S&P Capital IQ Consensus of $0.74; revenues fell 9.5% year/year to $12.15 bln vs the $12.09 bln S&P Capital IQ Consensus.

• Non-GAAP operating margin in Q4 was 33% vs prior guidance of 31.5-32.5%.

Co issues downside guidance for Q1 (Oct), sees EPS of $0.69-0.71, excluding non-recurring items, vs. $0.76 S&P Capital IQ Consensus; sees Q1 revs declining 9-11% yr/yr, which we compute as $11.71-11.98 bln vs. $12.29 bln S&P Capital IQ Consensus. Guides to Q1 non-GAAP op mgn of 30-31%.

Earnings this week : August 10 - 14, 20 (wk 33)

Monday (Aug 10)

• Morning: AVYA GOLD BKI CGC CEVA CEIX DOYU DUK GOGO ICPT MAR MELI PPL RDNT RETA RCL SAGE SDGR SEAS TGNA
• Afternoon: ADPT ANGI SCOR CSOD DHT ESE ESPR STAY GSKY GO HALO ICUI IART IPAR IAC IFF JCOM KAMN KFRC RAMP MESA NHI NGL NTR OXY CNXN PRA QLYS RPAY SPG RUN TCO TME TLRY WES ZI

Tuesday (August 11)

• Morning: BNTX BR GOOS IMOS HUYA LITE NIO SYY
• Afternoon: TXG CVET HCAT HBM NARI LRN KRNT OSPN RRGB SWAV VIAV

Wednesday (August 12)

• Morning: AIT EAT CAE  JMIA  LMND PFGC PGTI TUFN
• Afternoon: ONEM AZPN CACI CSCO ENS GTBIF YY LYFT PING RVLV SDC SPTN VREX VRM WPM ZTO

Thursday (August 13)

• Morning: AZUL BAM IIVI NTES TPR TGP TNK WCC
• Afternoon: AQN AMAT BIDU FTCH GLOB IQ MYGN

Friday (August 14) 

• None

=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%.

Earnings this week : Nov 11 - 15, 19 (wk 46)

Monday (Nov 11)

• Morning: FOLD CRR QRTEA
• Afternoon: APYX DXC FGEN FLNT FNV FTK GO HBM ICUI TDW TERP TME UGI

Tuesday (Nov 12)

• Morning: AAP ACM AEIS BPMP CBS CNNE CRON CVET DF DHI DPLO DSKE EBIX EDIT EGRX EPC ERJ GTT IAA IIVI INFN KEM MPAA OSTK PSN RDNT ROK SAGE SE TSN XON
• Afternoon: ADPT ADT APEI BREW CBPX CDLX CPRX DDOG DOX HALO HCAT HIIQ HTHT HUYA KWR MCRN MTSI OMER PTE RUN SCSC SDC SENS SSTI SWKS TLRY TVTY TWOU VRAY VREX YY

Wednesday (Nov 13)

• Morning: BEST CAE CMCM ENR FVRR GOOS LK MTOR SPB SSYS TSEM VIPS
• Afternoon: BZH CHNG CBPO CSCO CPA HI HOLI NTAP PSNL PRSP TGP TNK TTEK TCOM

Thursday (Nov 14)

• Morning: BAM CHC CTRA GDS IGT NBEV NICE RUBY SINA TUFN VIAB WMT WB WIX ZEAL
• Afternoon: AMAT AXNX DLB FTCH FSM GLOB HP KLIC NVDA VFF WPM

Friday (Nov 15) 

• Morning: JCP JD

=Cisco Systems (CSCO) reported earnings on Wed 14 Aug 2019 (a/h)

Cisco Systems beats by $0.01, reports revs in-line; guides Q1 EPS below consensus, revs below consensus

Reports Q4 (Jul) earnings of $0.83 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.82; revenues rose 4.5% year/year to $13.43 bln vs the $13.39 bln S&P Capital IQ Consensus, with product revenue up 7% and service revenue up 4%. Revenue by geographic segment was: Americas up 9%, EMEA up 7%, and APJC down 4%. Product revenue performance was broad based with growth in Security, up 14%, Applications, up 11%, and Infrastructure Platforms, up 6%. Non-GAAP gross margin 65.5% vs. 64-65% guidance

Co issues downside guidance for Q1, sees EPS of $0.80-0.82, excluding non-recurring items, vs. $0.83 S&P Capital IQ Consensus; sees Q1 revs +0-2% to ~$12.68-12.93 bln vs. $13.41 bln S&P Capital IQ Consensus. 

Earnings this week : Aug 12 - 16, 19 (wk 33)

Notable earnings reports:

• Barrick Gold (NYSE:GOLD), Sysco (NYSE:SYY), on August 12;
• JD.com (NASDAQ:JD), Tilray (NASDAQ:TLRY),  Grocery Outlet (GO), Huya (HUYA) and Brinker International on August 13; 
•  Myriad Genetics (MYGN), Sundial Growers (SNDL), Canada Goose (GOOS), Cisco Systems (NASDAQ:CSCO), Macy's (NYSE:M), Agilent Technologies (NYSE:A), Luckin Coffee (NASDAQ:LK), Canopy Growth (CGC)
   and Tencent (OTCPK:TCEHY) on August 14; 
• Tapestry (TPR), Nvidia (NASDAQ:NVDA), Alibaba (BABA) and Wal-Mart (WMT), Briggs & Stratton (BGG), Canadian Solar (CSIQ), PagSeguro Digital (PAGS),  Applied Materials (NASDAQ:AMAT), Nio (NYSE:NIO) and Madison Square Garden (NYSE:MSG) on August 15; 
• Deere (NYSE:DE) on August 16.

-=Cisco Systems (CSCO) reported earnings on Wed 15 May 2019 (a/h)

Cisco Systems beats by $0.01, reports revs in-line; guides Q4 in-line

• Reports Q3 (Apr) earnings of $0.78 per share, excluding non-recurring items, $0.01 better than the S&P Capital IQ Consensus of $0.77; revenues rose 4.0% year/year to (+6% ex-SPVss business) $12.96 bln vs the $12.89 bln S&P Capital IQ Consensus, with product revenue up 7% and service revenue up 3%. Revenue by geographic segment was: Americas up 9%, EMEA up 5%, and APJC down 4%. Product revenue performance was broad based with growth in Security, up 21%, Applications, up 9%, and Infrastructure Platforms, up 5%. On a non-GAAP basis, total gross margin, product gross margin, and service gross margin were 64.6%, 63.7%, and 67.3%, respectively, as compared with 64.5%, 63.7%, and 67.1%, respectively, in the third quarter of fiscal 2018.
• Co issues in-line guidance for Q4, sees EPS of $0.80-0.82, excluding non-recurring items, vs. $0.81 S&P Capital IQ Consensus; sees Q4 revs of +4.5-6.5% to ~$13.21-13.46 bln vs. $13.29 bln S&P Capital IQ Consensus.

Earnings this week : May 13 - 17, 2019 (wk 20)

 

Monday (May 13)

• Premarket: CPRX    

• After-Hours:  BILI HOLI IIIV IMMR KRNT LM MIME NVGS STE STNE TME TTWO

Tuesday (May 14)

• Premarket:  AZZ BEST CTST CYBR GDS HUD MIXT RL TAK

• After hours:  A ACB DOX EGHT FSM NEWR PAGS TCS TLRY

Wednesday (May 15)

• Premarket:  BABA ERJ M PLCE PPDF RUBY TSEM TSG
• After hours:  CSCO DDS FLO FTCH JACK NTES TRQ VRTU ZTO

Thursday (May 16)

• Premarket:  AZZ EXP FRO KEM MANU MMYT NICE QIWI WIX WMT

• After hours:  BOOT AINV AMAT NVDA BIDU IQ HUYA PINS

Friday (May 17)

• Premarket:  CAE DE LX
• After hours:  

BroadSoft (BSFT) to be acquired by Cisco Systems (CSCO) for $1.9 billion

• Cisco Systems will buy Maryland-based software company BroadSoft for $1.71 billion, a deal that boosts Cisco's collaboration tools and helps the Silicon Valley company diversify its offerings away from switching and routing. BroadSoft specializes in software used by major cable and telecommunications networks.

 

Oct 23 (Reuters) - Cisco Systems Inc, the world's largest networking gear manufacturer, said it will buy U.S. telecommunications software company BroadSoft Inc in a deal valued at about $1.9 billion, including debt.

Cisco said it would offer $55 per share, a premium of 2 percent to BroadSoft's last close.

The deal, which comes after Reuters first reported in August that BroadSoft was exploring a sale, would allow Cisco to further diversify from its stagnating switches and routers business by giving it a stronger foothold in selling unified communications software to big telecommunications firms.

** charts before announcement **

 

 CSCO

 

=Cisco Systems (CSCO) reported earnings on Wed 16 Aug 17 (a/h)

Cisco Systems reports EPS in-line, revs in-line; guides Q1 in-line

• Reports Q4 (Jul) earnings of $0.61 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.61; revenues fell 4.0% year/year to $12.13 bln vs the $12.07 bln Capital IQ Consensus. with product revenue down 5% and service revenue up 1%.
  • 31% of total revenue was from recurring offers, up 4 percentage points from the fourth quarter of fiscal 2016.
  • Revenue by geographic segment was: Americas down 6%, EMEA down 6%, and APJC up 6%.
  • Product revenue performance was led by Wireless and Security which increased 5% and 3%, respectively.
  • NGN Routing and Switching revenue each decreased 9%.
  • Service Provider Video, Data Center, and Collaboration revenue decreased 10%, 4%, and 3%, respectively.
  • Non-GAAP total gross margin and product gross margin were 63.7% and 61.9%, respectively. The decrease in non-GAAP product gross margin compared with 63.9% in the fourth quarter of fiscal 2016 was also primarily due to pricing, partially offset by continued productivity improvements and to a lesser extent product mix.
• Co issues in-line guidance for Q1, sees EPS of $0.59-0.61, excluding non-recurring items, vs. $0.60 Capital IQ Consensus Estimate; sees Q1 revs down 1-3% to ~$11.98-12.23 bln vs. $12.08 bln Capital IQ Consensus; adj. GM 63-64%
• Product Backlog -- was ~$4.8 billion at the end of fiscal 2017, an increase of 3% Y/Y. 

=Cisco Systems (CSCO) reported earnings on Wed 17 March 17 (a/h)

Cisco Systems beats by $0.02, reports revs in-line; guides Q4 EPS in-line, revs below consensus :

• Reports Q3 (Apr) earnings of $0.60 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.58; revenues fell 0.5% year/year to $11.94 bln vs the $11.9 bln Capital IQ Consensus, with product revenue flat and service revenue down 2%. 31% of total revenue was from recurring offers, up from 29% for the third quarter of fiscal 2016.
• Revenue by geographic segment was: Americas flat, EMEA flat, and APJC down 2%.
• Product revenue performance was led by Wireless and Security, which increased by 13% and 9%, respectively. Switching revenue increased by 2%. NGN Routing, Collaboration, Data Center, and Service Provider Video revenue decreased by 2%, 4%, 5%, and 30%, respectively.
• Non-GAAP total gross margin and product gross margin were 64.4% (guidance 63-64%) and 63.2%, respectively. The decrease in non-GAAP product gross margin compared with 64.5% in the third quarter of fiscal 2016 was primarily due to pricing and product mix, partially offset by continued productivity improvements.
• Co issues guidance for Q4, sees EPS of $0.60-0.62, excluding non-recurring items, vs. $0.62 Capital IQ Consensus Estimate; sees Q4 revs down 4-6% to $11.88-12.13 bln vs. $12.53 bln Capital IQ Consensus Estimate. 

Cisco Systems (CSCO) reported earnings on Wed 10 Feb 2016 (a/h)

** charts before earnings **

 

** charts after earnings **

 

Cisco Systems increases qtrly dividend to $0.26 from $0.21/share; increases repurchase program  :

• Also, as noted in the 16:10 earnings comment, CSCO's BoDs approved a $15 bln increase to the co's stock repurchase authorization
• Cisco's board had previously authorized up to $97 billion in stock repurchases

Cisco Systems beats by $0.03, beats on revs; guides Q3 EPS in-line, approves $15 billion increase to stock repurchase program :

• Reports Q2 (Jan) earnings of $0.57 per share, $0.03 better than the Capital IQ Consensus of $0.54; revenues fell 0.1% year/year to $11.93 bln vs the $11.75 bln Capital IQ Consensus.
• Non-GAAP total gross margin and product gross margin were 64.2% and 63.3%, respectively.
• Cash Flow from Operating Activities was $3.9 bln, an increase of 36% compared with $2.9 bln for 2Q15.
• Co approves a $15 bln increase to the authorization of the stock repurchase program. CSCO had previously authorized up to $97 bln in stock repurchases.
• Co issues in-line guidance for Q3, sees EPS of $0.54-$0.56 vs. $0.55 Capital IQ Consensus Estimate. Sees 1-4% revenue growth, which is normalized to exclude SP Video CPE business.

Cisco Systems (CSCO) reported earnings Thur 12 Nov 2015 (after close)

** charts before earnings **

 ** charts after earnings **

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

• Reports Q1 (Oct) earnings of $0.59 per share, $0.03 better than the Capital IQ Consensus of $0.56; revenues rose 3.6% year/year to $12.68 bln vs the $12.65 bln Capital IQ Consensus.
  • Gross margin and product gross margin were 63.2% and 62.3% respectively.
  • Operating expenses were $4.1 billion, down 1%, and at 32.7% of revenue
• Co issues downside guidance for Q2, sees EPS of $0.53-0.55 vs. $0.56 Capital IQ Consensus Estimate; sees Q2 revs +0-2% YoY, equates to roughly $11.94-12.17 bln vs. $12.54 bln Capital IQ Consensus Estimate.
• "We guided to solid growth in Q2. Our guidance reflects lower than expected order growth in Q1, driven largely by the uncertainty of the macro environment and currency impacts. Despite these headwinds, I believe we are executing very well. We are moving very fast to capture new opportunities and I feel good about how we are positioned for the second half of the year.

Cisco (CSCO)