More on Cisco's FQ1: Product revenue up 3% Y/Y, service revenue (stronger recurring streams) up 12%. Gross margin (a closely-watched figure) was 62.3%, down from 64.3% in year-ago period, but up from FQ4's 61.6%. R&D expenses fell 7% Q/Q, and SG&A expenses 2%, thanks to restructuring efforts. $1.5B in shares repurchased at average price of $15.37. CSCO +1.4% AH. (PR)
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