Cisco revenue rises as software business grows
Cisco Systems Inc. logged another quarter of revenue growth, aided by its software business, and it expects those gains to continue in the months ahead.
The California-based networking-gear maker has sought to offset sluggishness in its legacy business of selling switches and routers by acquiring software startups, including the $2.35 billion (U.S.) acquisition of Duo Security Inc. earlier this year.
On Wednesday, Cisco said its fiscal first-quarter profit rose 48% from a year earlier to $3.55 billion, or 77 cents a share. Excluding stock-based compensation and other items, profit rose to 75 cents a share, from 61 cents a share a year earlier.
Revenue rose 7.7% to $13.07 billion.
Analysts polled by FactSet expected a profit of 72 cents a share on an adjusted basis on $12.86 billion in revenue.