Cisco called for revenue to fall on an annualized basis in the next quarter.
The company beat on the top and bottom lines for Q1.shares fell as much as 6% after the close of trading on Wednesday after the company gave fiscal second-quarter earnings that came in below analysts' estimates.Excluding certain items, 84 cents per share, vs. 81 cents per share as expected by analysts, according to Refinitiv.
If the company's revenue does go lower year over year in the next quarter, it would be for the first time since 2017. Cisco had a run of eight consecutive quarters of revenue declines. In the fiscal first quarter Cisco's largest business segment, Infrastructure Platforms, including switches and routers for companies' data centers, produced $7.54 billion in revenue, down 1% year over year and missing the $7.61 billion estimate among analysts surveyed by FactSet.
Cisco's Applications segment, including unified communications and AppDynamics, ended the quarter with $1.50 billion in revenue, higher than the $1.48 billion FactSet consensus estimate. Cisco's security business had $815 million in quarterly revenue, more than the $723.1 million FactSet consensus.
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