Strong Cisco Earnings

The company reported strong earnings this afternoon. Earnings per share were $0.36 above the expected $0.31.  Cisco also announced today that its board of directors is authorizing up to $10 billion in additional repurchases of its common stock.

• Q1 Net Sales: $9.0 billion (decrease of 13% year over year)
• Q1 Net Income: $1.8 billion GAAP; $2.1 billion non-GAAP
• Q1 Earnings per Share: $0.30 GAAP (decrease of 19% year over year); $0.36 non-GAAP (decrease of 14% year over year)
• Total Cash, Cash Equivalents and Investments: $35.4 billion

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