Cisco reported first quarter revenue of $12.1 billion, below expectation: stakes and opportunities.

As you can observe, during this first quarter ended October 26, 2013, Cisco delivered solid profitability and the company is now focused on capitalizing on their strategic opportunities.

In fact, Cisco reported first quarter revenue of $12.1 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.0 billion or $0.37 per

share, and non-GAAP net income of $2.9 billion or $0.53 per share.

GAAP net income for the first quarter of fiscal 2014 included pre-tax charges of $237 million related to the workforce reduction plan announced in August 2013, and a pre-tax charge of $257 million related to compensation expense in connection with Cisco's acquisition of the remaining interest in Insieme Networks, Inc. ("Insieme"). These charges were excluded from non-GAAP net income and earnings per share.

Connectikpeople can recall that, Cisco is also announcing that its board of directors authorized up to $15 billion in additional repurchases of its common stock. Cisco's board had previously authorized up to $82 billion in stock repurchases.

Finally the remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $16.1 billion.