Cisco on Wednesday published better-than-expected second quarter financial results, reporting progress in its business model transformation. Total Annualized Recurring Revenue (ARR) came to $21.9 billion in the second quarter, up 11% year-over-year.
Cisco’s Q2 non-GAAP earnings per share came to 84 cents on revenue of $12.7 billion, up 6% year over year.
Wall Street was expecting second-quarter earnings of 81 cents per share on revenue of $12.65 billion.
“We continue to see incredibly strong demand across our portfolio, emphasizing the criticality and relevance of Cisco’s innovation,” CEO Chuck Robbins said in a statement. “Our robust order strength, record backlog and double-digit growth in annual recurring revenue position us well to deliver growth.”
Total product order growth in Q2 was up 30% year-over-year, while product revenue was up 9%. Product revenue performance was led by growth in Secure, Agile Networks up 7%, Internet for the Future up 42%, End-to-End Security up 7%, and Optimized Application Experiences up 12%. Hybrid Work was down 9%.
For the third quarter, Cisco expects revenue growth of 3% to 5% year-over-year and an EPS between 85 cents and 87 cents. The market is expecting an EPS of 86 cents.
For the full FY 2022, the company expects revenue growth of 5.5% to 6.5% and an EPS of $3.41 to $3.46.
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