What happened. Cisco reported first-quarter fiscal 2027 results after the bell on Nov 12 for the quarter ended Oct 24. Revenue was $18.5 billion, up 24% year over year, and non-GAAP EPS was $1.40, up 40%, ahead of the roughly $1.32 to $1.33 analysts expected. Cisco called it its fastest revenue and non-GAAP EPS growth in more than 15 years.
The security number. Product revenue grew 32%, but the mix is lopsided: Networking up 43%, Security up 7%, Collaboration up 8% and Observability up 2%. Cisco's growth this quarter is AI data-center switching, not security. For buyers and analysts tracking Cisco as a security platform (Splunk, firewalls, Hypershield, Duo), 7% is well behind the growth rates the pure-play leaders report.
Guidance. Q2 FY27 revenue of $18.0 to $18.2 billion and non-GAAP EPS of $1.34 to $1.36. Full-year FY27 revenue raised to $74.8 to $75.8 billion and non-GAAP EPS to $5.47 to $5.53. Cisco now expects $9 billion of AI infrastructure revenue from hyperscalers this fiscal year, more than double FY26.
The stock. Shares closed the regular session at $102.01. They rose about 3% to 4% right after the release, then turned lower, trading at $100.62 (down 1.36%) later in the evening per Investing.com. After-hours prices are thin and can move again before Friday's open.
Why it matters. Cisco is one of the largest security vendors by revenue, so a single-digit security growth rate in a 24% quarter is the line to watch on the call and in Friday trading. If you buy from Cisco, expect the sales push to keep leaning on bundling security with the networking refresh.