Cisco Systems Inc. (NASDAQ: CSCO) reported first quarter 2023 earnings results today.
Revenue increased 6% year-over-year to $13.6 billion.
Net income decreased 10% to $2.7 billion while EPS fell 7% to $0.65. Adjusted EPS rose 5% to $0.86.
Both revenue and adjusted EPS beat expectations.
The company expects revenue to grow 4.5-6.5% YoY for the full year of 2023. GAAP EPS is expected to be $2.63-2.76 while adjusted EPS is expected to be $3.51-3.58.
The stock gained over 4% during after-market hours following the announcement.