Cisco Systems, Inc. (NASDAQ:CSCO) shares jumped sharply after it announced its first quarter 2013 results for the period ended October 27, 2012. Revenue was up 5.5% and GAAP Earnings Per Share were up 18.2%. Cisco’s results exceeded expectations and its guidance for the second quarter was in line with expectations.
Cisco at least for now seems to be bucking the trend of many other high-tech companies who see lower demand in the future due to the weak global economy. On its earnings conference call, Cisco said it was pleased with order growth in the U.S., but not so pleased with Europe. In the U.S. spending by telecommunications- service providers and large companies rose, while orders from government declined.
In Cisco’s press release, its chairman and chief executive officer John Chambers was quoted as saying "Cisco is at the center of the major market transitions — cloud, mobility, video — and yet we believe the largest market transition lies ahead of us, as the Internet of Everything becomes a reality. Cisco has the unique ability to turn information that will flow across networks into new capabilities and richer experiences. The Internet of Everything will create unprecedented possibilities for businesses, individuals and countries, and Cisco is poised to lead and fully maximize the opportunities of this evolution."