Executive Summary

• Cisco reported fiscal 4Q19 revenues of $13.43 billion, up 4.5% and in line with the consensus estimate. Adjusted EPS was $0.83, beating the consensus estimate by two cents.
• Security was the fastest-growing segment, growing 14% in the quarter, and Cisco is investing in and extending its subscription-based security innovations across all networking domains, including expanding its family of cloud-security solutions to help secure identity, endpoints and the network.
• For the fiscal first quarter, Cisco guided for revenue growth of 0-2% and adjusted EPS of $0.80-0.82, below the $0.83 consensus estimate.