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In short: A beat on expectations for revenue and earnings, a slight YOY decline in revenue, a slight increase in YOY EPS, and lowered guidance. Shares were down over 4% in AH trading. From Motley Fool contributor Timothy Green:

Networking hardware giant Cisco Systems (NASDAQ:CSCO) reported its fiscal first-quarter results after the market closed on Nov. 16. The company's results came in at the high end of its guidance, but Cisco expects the second quarter to be much weaker. Growth areas such as collaboration and the data center suffered declines during the quarter, while security continued to post robust growth.

...

One thing hurting Cisco's results is its ongoing shift toward a subscription business model. The security segment grew revenue by 11% year over year, but deferred revenue soared 39%. While collaboration revenue slumped 3%, deferred revenue jumped 14%. Cisco singles out the growth of software-as-a-service within these segments as one reason for the discrepancy.

With only one growth business, security, posting growth during the first quarter, and with guidance for the second quarter calling for a revenue decline, the difficult environment Cisco finds itself in is taking a toll on the company.


Definitely take time to read the whole thing at http://www.fool.com/investing/2016/11/16/growth-businesses-f...

Here's a quick look at Cisco revenue and EPS growth:

Revenue (billions) Q1 Q2 Q3 Q4
2015 12.25 11.94 12.14 12.84
2016 12.68 11.93 12.00 12.64
2017 12.35

EPS (non-GAAP) Q1 Q2 Q3 Q4
2015 0.54 0.53 0.54 0.59
2016 0.59 0.57 0.57 0.63
2017 0.61

2017 Q1 Earnings (Current):

Revenue Growth (billions)
2016 Q1 TTM Revenue = 49.6
2017 Q1 TTM Revenue = 48.92
YOY Revenue Growth = (1.4%), previous quarter 0%

EPS Growth (non-GAAP)
2016 Q1 TTM Earnings = 2.25
2017 Q1 TTM Earnings = 2.38
YOY EPS Growth = 5.8%, previous quarter 7.3%

P/E (Check Current Price) = 31.57/2.38 = 13.26

Matt
Long CSCO
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