Technology
CISCO REPORTS FIRST QUARTER EARNINGS
Published
1 year agoon
By
SAN JOSE, Calif., Nov. 13, 2024 /PRNewswire/ —
News Summary:
Broad-based acceleration in product orders reflecting normalizing demandProduct orders up 20% year over year; up 9% year over year excluding SplunkRevenue of $13.8 billion in Q1, at the high end of our guidance rangeStrong profitability:GAAP gross margin of 65.9% and non-GAAP gross margin of 69.3%, above our guidance rangeGAAP EPS of $0.68 and non-GAAP EPS of $0.91, above our guidance rangeQ1 FY 2025 Results:Revenue: $13.8 billionDecrease of 6% year over yearEarnings per Share: GAAP: $0.68; Non-GAAP: $0.91GAAP EPS decreased 24% year over yearNon-GAAP EPS decreased 18% year over yearQ2 FY 2025 Guidance: Revenue: $13.75 billion to $13.95 billionEarnings per Share: GAAP: $0.51 to $0.56; Non-GAAP: $0.89 to $0.91FY 2025 Guidance:Revenue: $55.3 billion to $56.3 billionEarnings per Share: GAAP: $2.26 to $2.38; Non-GAAP: $3.60 to $3.66
Cisco today reported first quarter results for the period ended October 26, 2024. Cisco reported first quarter revenue of $13.8 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.7 billion or $0.68 per share, and non-GAAP net income of $3.7 billion or $0.91 per share.
“Cisco is off to a strong start to fiscal 2025,” said Chuck Robbins, chair and CEO of Cisco. “Our customers are investing in critical infrastructure to prepare for AI, and with the breadth of our portfolio, we are uniquely positioned to capitalize on this opportunity.”
“Revenue, gross margin and EPS in Q1 were at the high end or above our guidance range, generating strong operating leverage,” said Scott Herren, CFO of Cisco. “We are focused on solid execution and operating discipline while making strategic investments to drive innovation and growth.”
GAAP Results
Q1 FY 2025
Q1 FY 2024
Vs. Q1 FY 2024
Revenue
$ 13.8 billion
$ 14.7 billion
(6) %
Net Income
$ 2.7 billion
$ 3.6 billion
(25) %
Diluted Earnings per Share (EPS)
$ 0.68
$ 0.89
(24) %
Q1 FY 2025 GAAP results include a tax benefit of $720 million due to a recent U.S. Tax Court decision regarding the U.S. taxation of deemed foreign dividends in the transition year of the Tax Cuts and Jobs Act.
Non-GAAP Results
Q1 FY 2025
Q1 FY 2024
Vs. Q1 FY 2024
Net Income
$ 3.7 billion
$ 4.5 billion
(19) %
EPS
$ 0.91
$ 1.11
(18) %
Reconciliations between net income, EPS, and other measures on a GAAP and non-GAAP basis are provided in the tables located in the section entitled “Reconciliations of GAAP to non-GAAP Measures.”
Cisco Declares Quarterly Dividend
Cisco has declared a quarterly dividend of $0.40 per common share to be paid on January 22, 2025, to all stockholders of record as of the close of business on January 3, 2025. Future dividends will be subject to Board approval.
Financial Summary
All comparative percentages are on a year-over-year basis unless otherwise noted.
Q1 FY 2025 Highlights
Revenue — Total revenue was $13.8 billion, down 6%, with product revenue down 9% and services revenue up 6%. Excluding the contribution from Splunk, total revenue was down 14%.
Revenue by geographic segment was: Americas down 9%, EMEA down 2%, and APJC up 1%. Product revenue performance reflected growth in Security up 100% and Observability up 36%. Networking was down 23% and Collaboration was down 3%. Excluding Splunk, Security and Observability grew 2% and 1%, respectively, in the first quarter of fiscal 2025.
Gross Margin — On a GAAP basis, total gross margin, product gross margin, and services gross margin were 65.9%, 65.1%, and 68.0%, respectively, as compared with 65.2%, 64.5%, and 67.3%, respectively, in the first quarter of fiscal 2024.
On a non-GAAP basis, total gross margin, product gross margin, and services gross margin were 69.3%, 68.9%, and 70.3%, respectively, as compared with 67.1%, 66.5%, and 69.0%, respectively, in the first quarter of fiscal 2024.
Total gross margins by geographic segment were: 69.6% for the Americas, 70.3% for EMEA and 66.4% for APJC.
Operating Expenses — On a GAAP basis, operating expenses were $6.8 billion, up 28%, and were 48.9% of revenue. Non-GAAP operating expenses were $4.9 billion, up 9%, and were 35.2% of revenue.
Operating Income — GAAP operating income was $2.4 billion, down 45%, with GAAP operating margin of 17.0%. Non-GAAP operating income was $4.7 billion, down 12%, with non-GAAP operating margin at 34.1%.
Provision for (benefit from) Income Taxes — The GAAP tax provision rate was a benefit of 19.6%, which includes the $720 million benefit on deemed foreign dividends as discussed above. The non-GAAP tax provision rate was 19.0%.
Net Income and EPS — On a GAAP basis, net income was $2.7 billion, a decrease of 25%, and EPS was $0.68, a decrease of 24%. On a non-GAAP basis, net income was $3.7 billion, a decrease of 19%, and EPS was $0.91, a decrease of 18%.
Cash Flow from Operating Activities — $3.7 billion for the first quarter of fiscal 2025, an increase of 54%, compared with $2.4 billion for the first quarter of fiscal 2024.
Balance Sheet and Other Financial Highlights
Cash and Cash Equivalents and Investments — $18.7 billion at the end of the first quarter of fiscal 2025, compared with $17.9 billion at the end of fiscal 2024.
Remaining Performance Obligations (RPO) — $40.0 billion, up 15% in total, with 51% of this amount to be recognized as revenue over the next 12 months. Product RPO were up 24% and services RPO were up 7%.
Deferred Revenue — $27.5 billion, up 7% in total, with deferred product revenue up 11%. Deferred services revenue was up 4%.
Capital Allocation — In the first quarter of fiscal 2025, we returned $3.6 billion to stockholders through share buybacks and dividends. We declared and paid a cash dividend of $0.40 per common share, or $1.6 billion, and repurchased approximately 40 million shares of common stock under our stock repurchase program at an average price of $49.56 per share for an aggregate purchase price of $2.0 billion. The remaining authorized amount for stock repurchases under the program is $3.2 billion with no termination date.
Acquisitions
In the first quarter of fiscal 2025, we closed the following acquisitions:
DeepFactor, Inc., a privately held cloud-native application security companyRobust Intelligence, Inc., a privately held AI security solutions company
Guidance
Cisco estimates the following results for the second quarter of fiscal 2025:
Q2 FY 2025
Revenue
$13.75 billion – $13.95 billion
Non-GAAP gross margin
68% – 69%
Non-GAAP operating margin
33.5% – 34.5%
Non-GAAP EPS
$0.89 – $0.91
Cisco estimates that GAAP EPS will be $0.51 to $0.56 for the second quarter of fiscal 2025.
Cisco estimates the following results for fiscal 2025:
FY 2025
Revenue
$55.3 billion – $56.3 billion
Non-GAAP EPS
$3.60 – $3.66
Cisco estimates that GAAP EPS will be $2.26 to $2.38 for fiscal 2025.
Our Q2 FY 2025 guidance assumes an effective tax provision rate of approximately 17% for GAAP and approximately 19% for non-GAAP results. Our FY 2025 guidance assumes an effective tax provision rate of approximately 9% for GAAP and approximately 19% for non-GAAP results.
A reconciliation between the guidance on a GAAP and non-GAAP basis is provided in the tables entitled “GAAP to non-GAAP Guidance” located in the section entitled “Reconciliations of GAAP to non-GAAP Measures.”
Editor’s Notes:
Q1 fiscal year 2025 conference call to discuss Cisco’s results along with its guidance will be held on Wednesday, November 13, 2024 at 1:30 p.m. Pacific Time. Conference call number is 1-888-848-6507 (United States) or 1-212-519-0847 (international).Conference call replay will be available from 4:00 p.m. Pacific Time, November 13, 2024 to 4:00 p.m. Pacific Time, November 19, 2024 at 1-866-360-7722 (United States) or 1-203-369-0174 (international). The replay will also be available via webcast on the Cisco Investor Relations website at https://investor.cisco.com.Additional information regarding Cisco’s financials, as well as a webcast of the conference call with visuals designed to guide participants through the call, will be available at 1:30 p.m. Pacific Time, November 13, 2024. Text of the conference call’s prepared remarks will be available within 24 hours of completion of the call. The webcast will include both the prepared remarks and the question-and-answer session. This information, along with the GAAP to non-GAAP reconciliation information, will be available on the Cisco Investor Relations website at https://investor.cisco.com.
CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per-share amounts)
(Unaudited)
Three Months Ended
October 26, 2024
October 28, 2023
REVENUE:
Product
$ 10,114
$ 11,139
Services
3,727
3,529
Total revenue
13,841
14,668
COST OF SALES:
Product
3,526
3,957
Services
1,194
1,154
Total cost of sales
4,720
5,111
GROSS MARGIN
9,121
9,557
OPERATING EXPENSES:
Research and development
2,286
1,913
Sales and marketing
2,752
2,506
General and administrative
795
672
Amortization of purchased intangible assets
265
67
Restructuring and other charges
665
123
Total operating expenses
6,763
5,281
OPERATING INCOME
2,358
4,276
Interest income
286
360
Interest expense
(418)
(111)
Other income (loss), net
41
(83)
Interest and other income (loss), net
(91)
166
INCOME BEFORE PROVISION FOR INCOME TAXES
2,267
4,442
Provision for (benefit from) income taxes
(444)
804
NET INCOME
$ 2,711
$ 3,638
Net income per share:
Basic
$ 0.68
$ 0.90
Diluted
$ 0.68
$ 0.89
Shares used in per-share calculation:
Basic
3,990
4,057
Diluted
4,013
4,087
CISCO SYSTEMS, INC.
REVENUE BY SEGMENT
(In millions, except percentages)
Three Months Ended
October 26, 2024
Amount
Y/Y %
Revenue:
Americas
$ 8,252
(9) %
EMEA
3,588
(2) %
APJC
2,001
1 %
Total
$ 13,841
(6) %
Amounts may not sum and percentages may not recalculate due to rounding.
CISCO SYSTEMS, INC.
GROSS MARGIN PERCENTAGE BY SEGMENT
(In percentages)
Three Months Ended
October 26, 2024
Gross Margin Percentage:
Americas
69.6 %
EMEA
70.3 %
APJC
66.4 %
CISCO SYSTEMS, INC.
REVENUE FOR GROUPS OF SIMILAR PRODUCTS AND SERVICES
(In millions, except percentages)
Three Months Ended
October 26, 2024
Amount
Y/Y %
Revenue:
Networking
$ 6,753
(23) %
Security
2,017
100 %
Collaboration
1,085
(3) %
Observability
258
36 %
Total Product
10,114
(9) %
Services
3,727
6 %
Total
$ 13,841
(6) %
Excluding Splunk, Security and Observability grew 2% and 1%, respectively, in the first quarter of fiscal 2025.
Amounts may not sum and percentages may not recalculate due to rounding.
CISCO SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
October 26, 2024
July 27, 2024
ASSETS
Current assets:
Cash and cash equivalents
$ 9,065
$ 7,508
Investments
9,606
10,346
Accounts receivable, net of allowance of $78 at October 26, 2024 and $87
at July 27, 2024
4,457
6,685
Inventories
3,143
3,373
Financing receivables, net
3,123
3,338
Other current assets
6,358
5,612
Total current assets
35,752
36,862
Property and equipment, net
2,082
2,090
Financing receivables, net
3,411
3,376
Goodwill
58,774
58,660
Purchased intangible assets, net
10,744
11,219
Deferred tax assets
6,514
6,262
Other assets
6,056
5,944
TOTAL ASSETS
$ 123,333
$ 124,413
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt
$ 12,364
$ 11,341
Accounts payable
1,996
2,304
Income taxes payable
2,096
1,439
Accrued compensation
2,861
3,608
Deferred revenue
15,615
16,249
Other current liabilities
5,610
5,643
Total current liabilities
40,542
40,584
Long-term debt
19,623
19,621
Income taxes payable
3,367
3,985
Deferred revenue
11,887
12,226
Other long-term liabilities
2,637
2,540
Total liabilities
78,056
78,956
Total equity
45,277
45,457
TOTAL LIABILITIES AND EQUITY
$ 123,333
$ 124,413
CISCO SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Three Months Ended
October 26,
2024
October 28,
2023
Cash flows from operating activities:
Net income
$ 2,711
$ 3,638
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization, and other
789
401
Share-based compensation expense
827
661
Provision (benefit) for receivables
(1)
4
Deferred income taxes
(281)
(513)
(Gains) losses on divestitures, investments and other, net
(60)
89
Change in operating assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable
2,227
979
Inventories
229
307
Financing receivables
173
25
Other assets
(190)
(290)
Accounts payable
(269)
(235)
Income taxes, net
(806)
(1,773)
Accrued compensation
(754)
(908)
Deferred revenue
(971)
259
Other liabilities
37
(273)
Net cash provided by operating activities
3,661
2,371
Cash flows from investing activities:
Purchases of investments
(1,775)
(1,850)
Proceeds from sales of investments
1,490
1,280
Proceeds from maturities of investments
1,164
2,497
Acquisitions, net of cash and cash equivalents acquired and divestitures
(217)
(876)
Purchases of investments in privately held companies
(42)
(13)
Return of investments in privately held companies
77
47
Acquisition of property and equipment
(217)
(134)
Other
(1)
1
Net cash provided by investing activities
479
952
Cash flows from financing activities:
Repurchases of common stock – repurchase program
(2,003)
(1,300)
Shares repurchased for tax withholdings on vesting of restricted stock units
(165)
(153)
Short-term borrowings, original maturities of 90 days or less, net
68
—
Issuances of debt
5,732
—
Repayments of debt
(4,821)
(750)
Dividends paid
(1,592)
(1,580)
Other
(3)
(17)
Net cash used in financing activities
(2,784)
(3,800)
Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and
restricted cash equivalents
10
(45)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
1,366
(522)
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period
8,842
11,627
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period
$ 10,208
$ 11,105
Supplemental cash flow information:
Cash paid for interest
$ 545
$ 128
Cash paid for income taxes, net
$ 643
$ 3,090
CISCO SYSTEMS, INC.
REMAINING PERFORMANCE OBLIGATIONS
(In millions, except percentages)
October 26, 2024
July 27, 2024
October 28, 2023
Amount
Y/Y%
Amount
Y/Y%
Amount
Y/Y%
Product
$ 19,882
24 %
$ 20,055
27 %
$ 16,011
14 %
Services
20,108
7 %
20,993
10 %
18,742
11 %
Total
$ 39,990
15 %
$ 41,048
18 %
$ 34,753
12 %
We expect 51% of total RPO at October 26, 2024 will be recognized as revenue over the next 12 months.
CISCO SYSTEMS, INC.
DEFERRED REVENUE
(In millions)
October 26,
2024
July 27,
2024
October 28,
2023
Deferred revenue:
Product
$ 12,941
$ 13,219
$ 11,689
Services
14,561
15,256
13,970
Total
$ 27,502
$ 28,475
$ 25,659
Reported as:
Current
$ 15,615
$ 16,249
$ 13,812
Noncurrent
11,887
12,226
11,847
Total
$ 27,502
$ 28,475
$ 25,659
CISCO SYSTEMS, INC.
DIVIDENDS PAID AND REPURCHASES OF COMMON STOCK
(In millions, except per-share amounts)
DIVIDENDS
STOCK REPURCHASE PROGRAM
TOTAL
Quarter Ended
Per Share
Amount
Shares
Weighted-Average
Price per Share
Amount
Amount
Fiscal 2025
October 26, 2024
$ 0.40
$ 1,592
40
$ 49.56
$ 2,003
$ 3,595
Fiscal 2024
July 27, 2024
$ 0.40
$ 1,606
43
$ 46.80
$ 2,002
$ 3,608
April 27, 2024
$ 0.40
$ 1,615
26
$ 49.22
$ 1,256
$ 2,871
January 27, 2024
$ 0.39
$ 1,583
25
$ 49.54
$ 1,254
$ 2,837
October 28, 2023
$ 0.39
$ 1,580
23
$ 54.53
$ 1,252
$ 2,832
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
GAAP TO NON-GAAP NET INCOME
(In millions)
Three Months Ended
October 26,
2024
October 28,
2023
GAAP net income
$ 2,711
$ 3,638
Adjustments to cost of sales:
Share-based compensation expense
131
103
Amortization of acquisition-related intangible assets
319
181
Acquisition/divestiture-related costs
19
—
Total adjustments to GAAP cost of sales
469
284
Adjustments to operating expenses:
Share-based compensation expense
679
550
Amortization of acquisition-related intangible assets
265
67
Acquisition/divestiture-related costs
285
75
Russia-Ukraine war costs
—
(2)
Significant asset impairments and restructurings
665
123
Total adjustments to GAAP operating expenses
1,894
813
Adjustments to interest and other income (loss), net:
(Gains) and losses on investments
(98)
51
Total adjustments to GAAP interest and other income (loss), net
(98)
51
Total adjustments to GAAP income before provision for income taxes
2,265
1,148
Income tax effect of non-GAAP adjustments
(476)
(258)
Significant tax matters (1)
(829)
—
Total adjustments to GAAP provision for income taxes
(1,305)
(258)
Non-GAAP net income
$ 3,671
$ 4,528
(1) The three months ended October 26, 2024 include a $720 million benefit due to a recent U.S. Tax Court decision regarding the U.S. taxation of deemed foreign dividends in the transition year of the Tax Cuts and Jobs Act.
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
GAAP TO NON-GAAP EPS
Three Months Ended
October 26,
2024
October 28,
2023
GAAP EPS
$ 0.68
$ 0.89
Adjustments to GAAP:
Share-based compensation expense
0.20
0.16
Amortization of acquisition-related intangible assets
0.15
0.06
Acquisition/divestiture-related costs
0.08
0.02
Significant asset impairments and restructurings
0.17
0.03
(Gains) and losses on investments
(0.02)
0.01
Income tax effect of non-GAAP adjustments
(0.12)
(0.06)
Significant tax matters
(0.21)
—
Non-GAAP EPS
$ 0.91
$ 1.11
Amounts may not sum due to rounding.
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME (LOSS), NET, AND NET INCOME
(In millions, except percentages)
Three Months Ended
October 26, 2024
Product
Gross
Margin
Services
Gross
Margin
Total
Gross
Margin
Operating
Expenses
Y/Y
Operating
Income
Y/Y
Interest and
other income
(loss), net
Net
Income
Y/Y
GAAP amount
$ 6,588
$ 2,533
$ 9,121
$ 6,763
28 %
$ 2,358
(45) %
$ (91)
$ 2,711
(25) %
% of revenue
65.1 %
68.0 %
65.9 %
48.9 %
17.0 %
(0.7) %
19.6 %
Adjustments to GAAP amounts:
Share-based compensation expense
57
74
131
679
810
—
810
Amortization of acquisition-related intangible assets
319
—
319
265
584
—
584
Acquisition/divestiture-related costs
5
14
19
285
304
—
304
Significant asset impairments and restructurings
—
—
—
665
665
—
665
(Gains) and losses on investments
—
—
—
—
—
(98)
(98)
Income tax effect/significant tax matters
—
—
—
—
—
—
(1,305)
Non-GAAP amount
$ 6,969
$ 2,621
$ 9,590
$ 4,869
9 %
$ 4,721
(12) %
$ (189)
$ 3,671
(19) %
% of revenue
68.9 %
70.3 %
69.3 %
35.2 %
34.1 %
(1.4) %
26.5 %
Three Months Ended
October 28, 2023
Product
Gross
Margin
Services
Gross
Margin
Total
Gross
Margin
Operating
Expenses
Operating
Income
Interest and
other income
(loss), net
Net
Income
GAAP amount
$ 7,182
$ 2,375
$ 9,557
$ 5,281
$ 4,276
$ 166
$ 3,638
% of revenue
64.5 %
67.3 %
65.2 %
36.0 %
29.2 %
1.1 %
24.8 %
Adjustments to GAAP amounts:
Share-based compensation expense
42
61
103
550
653
—
653
Amortization of acquisition-related intangible assets
181
—
181
67
248
—
248
Acquisition/divestiture-related costs
—
—
—
75
75
—
75
Significant asset impairments and restructurings
—
—
—
123
123
—
123
Russia-Ukraine war costs
—
—
—
(2)
(2)
—
(2)
(Gains) and losses on investments
—
—
—
—
—
51
51
Income tax effect/significant tax matters
—
—
—
—
—
—
(258)
Non-GAAP amount
$ 7,405
$ 2,436
$ 9,841
$ 4,468
$ 5,373
$ 217
$ 4,528
% of revenue
66.5 %
69.0 %
67.1 %
30.5 %
36.6 %
1.5 %
30.9 %
Amounts may not sum and percentages may not recalculate due to rounding.
CISCO SYSTEMS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
EFFECTIVE TAX RATE
(In percentages)
Three Months Ended
October 26, 2024
October 28, 2023
GAAP effective tax rate
(19.6) %
18.1 %
Total adjustments to GAAP provision for income taxes
38.6 %
0.9 %
Non-GAAP effective tax rate
19.0 %
19.0 %
GAAP TO NON-GAAP GUIDANCE
Q2 FY 2025
Gross Margin
Rate
Operating Margin
Rate
Earnings per
Share (1)
GAAP
64.5% – 65.5%
20% – 21%
$0.51 – $0.56
Estimated adjustments for:
Share-based compensation expense
1.0 %
7.0 %
$0.18 – $0.19
Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs
2.5 %
6.0 %
$0.16 – $0.17
Significant asset impairments and restructurings
—
0.5 %
$0.01 – $0.02
Non-GAAP
68% – 69%
33.5% – 34.5%
$0.89 – $0.91
FY 2025
Earnings per
Share (1)
GAAP
$2.26 – $2.38
Estimated adjustments for:
Share-based compensation expense
$0.73 – $0.75
Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs
$0.60 – $0.62
Significant asset impairments and restructurings
$0.18 – $0.20
(Gains) and losses on investments
($0.02)
Significant tax matters
($0.21)
Non-GAAP
$3.60– $3.66
(1) Estimated adjustments to GAAP earnings per share are shown after income tax effects.
Except as noted above, this guidance does not include the effects of any future acquisitions/divestitures, significant asset impairments and restructurings, significant litigation settlements and other contingencies, gains and losses on investments, significant tax matters, or other items, which may or may not be significant.
Forward Looking Statements, Non-GAAP Information and Additional Information
This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events (such as our customers’ investments in critical infrastructure to prepare for AI, our position to capitalize on that opportunity given the breadth of our portfolio, and our focus on solid execution and operating discipline while making strategic investments to drive innovation and growth) and the future financial performance of Cisco (including the guidance for Q2 FY 2025 and full year FY 2025) that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: business and economic conditions and growth trends in the networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; our development and use of artificial intelligence; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market, cloud, enterprise and other customer markets; the return on our investments in certain key priority areas, and in certain geographical locations, as well as maintaining leadership in Networking and services; the timing of orders and manufacturing and customer lead times; supply constraints; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and services markets, including the data center market; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, other intellectual property, antitrust, stockholder and other matters, and governmental investigations; our ability to achieve the benefits of restructurings and possible changes in the size and timing of related charges; cyber attacks, data breaches or other incidents; vulnerabilities and critical security defects; our ability to protect personal data; evolving regulatory uncertainty; terrorism; natural catastrophic events (including as a result of global climate change); any pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales, engineering, service, marketing and manufacturing activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related to the global nature of our operations, including our operations in emerging markets; currency fluctuations and other international factors; changes in provision for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility in operating results; and other factors listed in Cisco’s most recent report on Form 10-K filed on September 5, 2024. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in Cisco’s most recent report on Form 10-K as it may be amended from time to time. Cisco’s results of operations for the three months ended October 26, 2024 are not necessarily indicative of Cisco’s operating results for any future periods. Any projections in this release are based on limited information currently available to Cisco, which is subject to change. Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information, since Cisco will only provide guidance at certain points during the year. Such information speaks only as of the date of this release.
This release includes non-GAAP net income, non-GAAP gross margins, non-GAAP operating expenses, non-GAAP operating income and margin, non-GAAP effective tax rates, non-GAAP interest and other income (loss), net, and non-GAAP net income per share data for the periods presented. It also includes future estimated ranges for gross margin, operating margin, tax provision rate and EPS on a non-GAAP basis.
These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Cisco believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Cisco’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Cisco’s results of operations in conjunction with the corresponding GAAP measures.
Cisco believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations.
For its internal budgeting process, Cisco’s management uses financial statements that do not include, when applicable, share-based compensation expense, amortization of acquisition-related intangible assets, acquisition/divestiture-related costs, significant asset impairments and restructurings, significant litigation settlements and other contingencies, Russia–Ukraine war costs, gains and losses on investments, the income tax effects of the foregoing and significant tax matters. Cisco’s management also uses the foregoing non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Cisco. In prior periods, Cisco has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. From time to time in the future there may be other items that Cisco may exclude for purposes of its internal budgeting process and in reviewing its financial results. For additional information on the items excluded by Cisco from one or more of its non-GAAP financial measures, refer to the Form 8-K regarding this release furnished today to the Securities and Exchange Commission.
Annualized recurring revenue represents the annualized revenue run-rate of active subscriptions, term licenses, operating leases and maintenance contracts at the end of a reporting period, net of rebates to customers and partners as well as certain other revenue adjustments. Includes both revenue recognized ratably as well as upfront on an annualized basis.
About Cisco
Cisco (Nasdaq: CSCO) is the worldwide technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals. Discover more at newsroom.cisco.com and follow us on X at @Cisco.
Copyright © 2024 Cisco and/or its affiliates. All rights reserved. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. To view a list of Cisco trademarks, go to: www.cisco.com/go/trademarks. Third-party trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.
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SOURCE Cisco Systems, Inc.
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Verda and Compal Announce Partnership to Accelerate AI Infrastructure Development and Expansion
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TAIPEI, May 7, 2026 /PRNewswire/ — Compal Electronics (Compal; TWSE: 2324) and Verda, the Helsinki-headquartered European AI cloud provider, purpose-built for the demands of frontier model training and agentic inference, today announced a strategic partnership under which Compal will supply next-generation GPU server systems to accelerate the build-out of its next-generation AI infrastructure across Europe and the APAC region.
Under this collaboration, Compal will supply high-density, liquid-cooled AI server platforms. The platforms are engineered for the workloads defining the next wave of AI: agentic applications that process extensive context and operate at high concurrency, while maintaining the thermal efficiency required for Verda’s sustainable cloud deployments.
The partnership underlines the growing global traction for Verda’s services as well as Compal’s growing role as an infrastructure partner to neocloud operators addressing rising demand for localized AI compute. As enterprises and governments increasingly prioritize data residency, security, and regulatory compliance, neocloud providers like Verda are emerging as key enablers of Sovereign AI strategies.
“Verda’s platform reflects where AI infrastructure demand is heading—toward regional, high-performance, and energy-efficient deployments,” said Alan Chang, Vice President, Infrastructure Solutions Business Group (ISBG) at Compal. “This collaboration demonstrates our ability to deliver advanced AI systems at scale for customers building the next generation of AI clouds.”
“Our mission is to build the next generation of cloud infrastructure for AI and empower pioneering teams across the globe. Working with Compal helps us deliver with world-class quality and reliability, and is an important step in our plans to expand our presence in the APAC region. We’re excited about what’s ahead,” said Jorge Santos, Chief Operating Officer at Verda.
Compal brings deep engineering expertise in accelerated computing, advanced thermal design, and system integration, enabling customers to deploy AI infrastructure efficiently while managing power density and operational complexity. To support global AI deployments, Compal continues to expand its manufacturing footprint across Taiwan, Vietnam, and the United States, strengthening supply-chain resilience and aligning production capacity with regional customer requirements.
About Compal
Established in 1984, Compal has grown into a leading global manufacturer of computers and smart devices, partnering with top-tier brands worldwide. Compal was recognized by CommonWealth Magazine as one of Taiwan’s top 7 manufacturers and has consistently ranked among the Forbes Global 2000 companies. Compal has actively expanded into new growth areas, including cloud servers, automotive electronics, smart medical and healthcare, and advanced communication solutions. Headquartered in Taipei, Taiwan, Compal operates design and production facilities in the United States, Taiwan, China, Vietnam, Mexico, Brazil, and Poland. Learn more at https://www.compal.com
About Verda
Verda (formerly DataCrunch) is a European AI cloud provider operating high-density GPU data centers across Europe, delivering on-demand compute for training and inference at scale. Headquartered in Finland, Verda runs infrastructure powered by renewable energy and serves frontier AI labs, research teams and startups building the next generation of models. Learn more at https://verda.com
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SOURCE COMPAL ELECTRONICS,INC.
Technology
Mastercard and Yellow Card Partner to Unlock Stablecoin Payment Innovation Across EEMEA
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1 hour agoon
May 7, 2026By
The two companies will explore innovative real-world use cases for stablecoin-enabled payments including strengthening digital asset payment security with Mastercard Crypto Credential
JOHANNESBURG and NEW YORK, May 7, 2026 /PRNewswire/ — Mastercard and Yellow Card, a licensed stablecoin infrastructure provider operating primarily across Africa, with additional capabilities in select emerging markets, have announced a strategic partnership to accelerate stablecoin-enabled payment innovation across Eastern Europe, the Middle East, and Africa (EEMEA), with plans for global expansion.
The collaboration will explore breakthrough applications for stablecoin payments across four key verticals: cross-border remittances, B2B settlement, digital loyalty ecosystems, and treasury management. Both companies will work with banks, financial institutions, and regulatory bodies to pilot secure, compliant stablecoin solutions that enhance payment efficiency and reduce costs for businesses and consumers.
The alliance will establish joint working groups to identify high-impact use cases, and create interoperable solutions for banks and financial institutions in the Mastercard network that bridge traditional finance with blockchain-powered payments. Initial focus markets include Ghana, Kenya, Nigeria, South Africa, and the United Arab Emirates.
“Emerging markets represent the greatest opportunity for payment innovation, but success requires deep local expertise and regulatory navigation,” said Chris Maurice, CEO of Yellow Card. “We bring years of experience building compliant stablecoin infrastructure where traditional banking falls short. Mastercard’s global network amplifies these capabilities, allowing us to serve businesses and consumers who need better, more affordable ways to move money across borders,” added Mr. Maurice.
“Stablecoins are an exciting and useful option for some payments, and we look forward to working on additional use cases with Yellow Card, while continuing to leverage Mastercard’s expertise to make stablecoins seamless and secure. Together we look forward to taking digital finance into a new sphere, unlocking new efficiencies in cross-border trade, business-to-business settlements, and digital asset security, to generate a wide-ranging positive impact across the financial ecosystem,” said Mete Güney, Executive Vice President, Market Development, EEMEA, Mastercard.
The partnership builds on Mastercard’s expanding blockchain ecosystem and Yellow Card’s proven track record as one of Africa’s leading licensed stablecoin operators, reinforcing both companies’ commitment to utility-focused digital asset innovation. As stablecoins gain regulatory clarity and institutional adoption across emerging markets, the collaboration positions both partners at the forefront of secure, scalable digital payment solutions that bridge traditional finance with blockchain technology.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we’re building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
About Yellow Card
Yellow Card is one of the largest licensed stablecoin-based infrastructure providers with capabilities in 20 African countries and major emerging markets. From Stablecoin payment infrastructure to fiat settlement rails, wallet services, and custom local Stablecoin issuance, Yellow Card provides the complete à-la-carte infrastructure businesses need to manage Stablecoins, payments, and operations across emerging markets.
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SOURCE Yellow Card
Technology
Chunghwa Telecom Reports Un-Audited Consolidated Operating Results for the First Quarter of 2026
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1 hour agoon
May 7, 2026By
TAIPEI, May 7, 2026 /PRNewswire/ — Chunghwa Telecom Co., Ltd. (TAIEX: 2412, NYSE: CHT) (“Chunghwa” or “the Company”) today reported its un-audited operating results for the first quarter of 2026. All figures were prepared in accordance with Taiwan-International Financial Reporting Standards (“T-IFRSs”) on a consolidated basis.
(Comparisons throughout the press release, unless otherwise stated, are made with regard to the prior year period.)
First Quarter 2026 Financial Highlights
Total revenue increased by 7.5% to NT$ 59.99 billion.Consumer Business Group revenue increased by 6.2% to NT$ 36.73 billion.Enterprise Business Group revenue increased by 8.5% to NT$ 18.81 billion.International Business Group revenue increased by 10.7% to NT$ 2.70 billion.Total operating costs and expenses increased by 8.3% to NT$ 46.89 billion.Operating income increased by 4.6% to NT$ 13.10 billion.EBITDA increased by 3.4% to NT$ 23.30 billion.Net income attributable to stockholders of the parent increased by 3.2% to NT$ 10.11 billion.Basic earnings per share (EPS) was NT$1.30.Total revenue, operating income, net income attributable to stockholders of the parent, and EPS all exceeded the high-end target of quarterly guidance.
“We began 2026 with a strong start, delivering financial performance across revenue, operating income, net income attributable to stockholders of the parent and EPS all exceeding our quarterly forecasts. Moreover, revenue reached a first-quarter record, the highest since 2012. These results reflect the continued strength of our business momentum,” said Mr. Chih‑Cheng Chien, Chairman and CEO of Chunghwa Telecom.
“This performance was primarily driven by robust growth in our ICT business, where both recurring revenue and order intake reached new highs. Our ICT revenue grew significantly year over year, supported by strong demand across key areas such as IDC, cloud, and AIoT services, underscoring our success in capturing emerging digital and AI-driven opportunities,” said Mr. Rong-Shy Lin, President of Chunghwa Telecom.
“Our mobile and broadband businesses also continued to deliver stable growth, benefiting from escalating 5G penetration and ongoing improvements in ARPU. Notably, our four value-added services all exceeded their remarkable million-subscriber thresholds, demonstrating our success in delivering value to users. These results reflect not only the resilience of our core operations, but also the effectiveness of our long-term strategy to balance stable cash-generating businesses with high-growth digital initiatives,” Mr. Lin continued.
“We are committed to advancing our 6G transition and AI-powered future. Our phased 5G standalone deployment is strengthening networking founding by targeting services in select verticals and high-traffic commercial districts for the 6G era,” Mr. Lin added. “Meanwhile, by building ‘CHT AI Factory platform’ to integrate our DeepFlow solutions, compute power, AI models and agents, we offer AI-enabled applications to customers and accelerate AI-related revenue growth in 2026. Alongside our technology advancements, ESG remains a core pillar of our long‑term strategy. We are confident in our ability to achieve sustainable growth and create long‑term value for our shareholders.”
Revenue
Chunghwa Telecom’s total revenues for the first quarter of 2026 increased by 7.5% to NT$ 59.99 billion.
Consumer Business Group’s revenue for the first quarter of 2026 increased by 6.2% Year-over-year to NT$ 36.73 billion and income before tax increased by 5.3% year-over-year, supported by steady increases in core telecom business and strong iPhone demands.
Enterprise Business Group’s revenue for the first quarter of 2026 increased 8.5% year-over-year to NT$ 18.81 billion, driven by robust ICT growth, while pre-tax profit declined 2.7% due to fixed voice service decrease. Notably, ICT order intake hit a quarterly record-high, led by network resilience, anti-fraud initiatives, and large projects for national fiscal and public surveillance systems, underpinning future growth momentum.
International Business Group’s revenue for the first quarter of 2026 increased by 10.7% to NT$ 2.70 billion and income before tax increased by 1.6% year-over-year, driven by rising demand for ICT services and stronger roaming revenue. In addition, we expanded investment in the AUG-East submarine cable this quarter, boosting Taiwan to Japan and Taiwan to Singapore bandwidth to 18+ Tbps, supporting international business growth.
Operating Costs and Expenses
Total operating costs and expenses for the first quarter of 2026 increased by 8.3% to NT$ 46.89 billion, mainly due to higher costs associated with growth in sales and ICT project revenue, as well as an increase in personnel expenses.
Operating Income and Net Income
Operating income for the first quarter of 2026 increased by 4.6% to NT$ 13.10 billion. The operating margin was 21.75%, as compared to 22.44% in the same period of 2025. Net income attributable to stockholders of the parent increased by 3.2% to NT$ 10.11 billion. Basic earnings per share was NT$1.30.
Cash Flow and EBITDA
Cash flow from operating activities, as of March 31st, 2026, decreased by 13.6% year over year to NT$ 11.19 billion.
Cash and cash equivalents, as of March 31st, 2026, increased by 20.8% to NT$ 35.10 billion as compared to that as of March 31st, 2025.
EBITDA for the first quarter of 2026 was NT$ 23.30 billion, increased by 3.4% year over year. EBITDA margin was 38.85%, as compared to 40.37% in the same period of 2025.
Business Highlights
Mobile
As of March 31st, 2026, Chunghwa Telecom had 13.34 million mobile subscribers, representing a 1.7% year-over-year increase. In the first quarter, total mobile service revenue increased by 4.4% to NT$ 17.70 billion, while mobile post-paid ARPU excluding IoT SIMs grew 3.6% year over year to NT$ 573.
Fixed Broadband/HiNet
As of March 31st, 2026, the number of broadband subscribers slightly increased by 0.5% to 4.45 million. The number of HiNet broadband subscribers increased by 1.4% to 3.80 million. In the first quarter, total fixed broadband revenue grew 3.0% year over year to NT$ 11.81 billion, while ARPU increased 2.5% to NT$ 818.
Fixed line
As of March 31st, 2026, the number of fixed-line subscribers was 8.57 million.
Financial Statements
Financial statements and additional operational data can be found on the Company’s website at http://www.cht.com.tw/en/home/cht/investors/financials/quarterly-earnings
NOTE CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about Chunghwa’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Investors are cautioned that actual events and results could differ materially from those statements as a result of a number of factors including, but not limited to the risks outlined in Chunghwa’s filings with the U.S. Securities and Exchange Commission on Forms F-1, F-3, 6-K and 20-F, in each case as amended. The forward-looking statements in this press release reflect the current belief of Chunghwa as of the date of this press release and Chunghwa undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such date, except as required under applicable law.
This press release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and that will contain detailed information about the company and management, as well as financial statements.
NON-GAAP FINANCIAL MEASURES
To supplement the Company’s consolidated financial statements presented in accordance with International Financial Reporting Standards pursuant to the requirements of the Financial Supervisory Commission, or T-IFRSs, Chunghwa Telecom also provides EBITDA, which is a “non-GAAP financial measure”. EBITDA is defined as consolidated net income (loss) excluding (i) depreciation and amortization, (ii) total net comprehensive financing cost (which is comprised of net interest expense, exchange gain or loss, monetary position gain or loss and other financing costs and derivative transactions), (iii) other income, net, (iv) income tax, (v) (income) loss from discontinued operations.
In managing the Company’s business, Chunghwa Telecom relies on EBITDA as a means of assessing its operating performance because it excludes the effect of (i) depreciation and amortization, which represents a non-cash charge to earnings, (ii) certain financing costs, which are significantly affected by external factors, including interest rates, foreign currency exchange rates and inflation rates, which have little or no bearing on our operating performance, (iii) income tax (iv) other expenses or income not related to the operation of the business.
CAUTIONS ON USE OF NON-GAAP FINANCIAL MEASURES
In addition to the consolidated financial results prepared under T-IFRSs, Chunghwa Telecom also provide non-GAAP financial measures, including “EBITDA”. The Company believes that the non-GAAP financial measures provide investors with another method for assessing its operating results in a manner that is focused on the performance of its ongoing operations.
Chunghwa Telecom’s management believes investors will benefit from greater transparency in referring to these non-GAAP financial measures when assessing the Company’s operating results, as well as when forecasting and analyzing future periods. However, the Company recognizes that:
these non-GAAP financial measures are limited in their usefulness and should be considered only as a supplement to the Company’s T-IFRSs financial measures;these non-GAAP financial measures should not be considered in isolation from, or as a substitute for, the Company’s T-IFRSs financial measures;these non-GAAP financial measures should not be considered to be superior to the Company’s T-IFRSs financial measures; andthese non-GAAP financial measures were not prepared in accordance with T-IFRSs and investors should not assume that the non-GAAP financial measures presented in this earnings release were prepared under a comprehensive set of rules or principle.
Further, these non-GAAP financial measures may be unique to Chunghwa Telecom, as they may be different from non-GAAP financial measures used by other companies. As such, this presentation of non-GAAP financial measures may not enhance the comparability of the Company’s results to the results of other companies. Readers are cautioned not to view non-GAAP results as a substitute for results under T-IFRSs, or as being comparable to results reported or forecasted by other companies.
About Chunghwa Telecom
Chunghwa Telecom (TAIEX 2412, NYSE: CHT) (“Chunghwa” or “the Company”) is Taiwan’s largest integrated telecommunications services company that provides fixed-line, mobile, broadband, and internet services. The Company also provides information and communication technology services to corporate customers with its big data, information security, cloud computing and IDC capabilities, and is expanding its business into innovative technology services such as IoT, AI, etc. Chunghwa has been actively and continuously implemented environmental, social and governance (ESG) initiatives with the goal to achieve sustainability and has won numerous international and domestic awards and recognitions for its ESG commitments and best practices. For more information, please visit our website at www.cht.com.tw
Contact: Angela Tsai
Phone: +886 2 2344 5488
Email: chtir@cht.com.tw
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SOURCE Chunghwa Telecom Co., Ltd.
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