Cisco beat on top and bottom lines and delivered better-than-expected revenue guidance.
The company came in ahead of revenue guidance as it went up against strong results last year.
The majority of Cisco's business comes from selling networking software and hardware, including switches and routers that are kept inside corporate data centers. This market is represented in Cisco's Infrastructure Platforms business segment, which contributed $7.55 billion in revenue, beating the $7.46 billion consensus estimate among analysts polled by FactSet.
The Security business segment, featuring among things the recently acquired Duo Security, had revenue of $707 million, above the FactSet estimate of $676 million. "We believe the Catalyst 9000 refresh remains in the early innings," Nomura Instinet analysts led by Jeffrey Kvaal said in a note distributed to clients last week. "In our survey, we found that 11% of respondents have upgraded and 16% expect to do so in the next 12 months. This refresh is now nearly two years old. This suggests the refresh has yet to hit the steepest part of the adoption curve.
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