WHEN: Today, Thursday, November 17th
WHERE: CNBC's "Squawk on the Street"
Following are excerpts from the unofficial transcript of a FIRST ON CNBC interview with Cisco CEO Chuck Robbins on CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET) today, Thursday, November 17th. Following is a link to the story on CNBC.com: http://www.cnbc.com/2016/11/17/ciscos-profit-forecast-misses-estimates-shares-slip.html. Following are links to the video on CNBC.com: http://video.cnbc.com/gallery/?video=3000568914 and http://video.cnbc.com/gallery/?video=3000568913.
All references must be sourced to CNBC.
ROBBINS ON EARNINGS
WE REPORTED OBVIOUSLY AS YOU SAID A VERY GOOD QUARTER FOR OUR Q-1 RESULTS. AND IF YOU LOOK AT THE HIGHLIGHTS OF THE QUARTER, WE HAD SOME REALLY STRONG PERFORMANCES IN OUR BUSINESS. AND WE CALLED OUT THIS GENERAL WEAKNESS THAT WE SAW IN JUST SOME OF OUR LARGER SERVICE PROVIDERS. BUT AT THE SAME TIME WE HAD OUR GLOBAL ENTERPRISE BUSINESS UP 5%. WE'VE BEEN FOCUSED ON DRIVING SUBSCRIPTION AND S.A.S. BUSINESSES AND THAT DEFERRED REVENUE FROM THOSE BUSINESSES WAS UP 48%. OUR SECURITY BUSINESS CONTINUED TO BE VERY STRONG. COLLABORATION WAS VERY STRONG. SO THERE ARE A LOT OF AREAS FOR US TO BE VERY EXCITED ABOUT.
ROBBINS ON REPATRIATION
WE HAVE BEEN A PROPONENT OF REPATRIATION FOR QUITE A LONG TIME. WE BELIEVE THAT IF THAT OCCURS IN THE NEXT YEAR, WHICH WE'RE VERY OPTIMISTIC, THEN WE HAVE BEEN WORKING ON SCENARIOS AS YOU WOULD EXPECT OVER THE LAST FEW YEARS IN HOPES THAT WE WOULD GET TO THIS PLACE. IT HASN'T KEPT US FROM DOING ANYTHING, AS YOU CAN SEE FROM THE NUMBER OF ACQUISITIONS THAT WE'VE DONE IN THE LAST YEAR AND A HALF. BUT CERTAINLY WE WOULD LOOK AT A COMBINATION OF, YOU KNOW, OUR DIVIDEND, OUR BUYBACKS AS WELL AS STRATEGIC M&A's.
ROBBINS ON TRUMP
YOU KNOW, ONE OF THE THINGS THAT I BELIEVE TO BE VERY TRUE IS IF PRESIDENT-ELECT TRUMP IS PRO-BUSINESS AND HE IS VERY FOCUSED ON DRIVING STRENGTH IN THE U.S. ECONOMY, AND I THINK IF YOU LISTEN TO THE THINGS HE SAID SINCE HE'S BEEN ELECTED, HE IS ENSURING THAT THE DECISIONS THAT HE MAKES ARE ALIGNED WITH DRIVING GROWTH IN THE U.S. AND I THINK THAT WILL APPLY ACROSS ALL THE THINGS THAT WE CARE ABOUT INCLUDING IMMIGRATION, PATENT REFORM, TAX REFORM. AND SO I THINK THAT WHEN YOU GET RIGHT DOWN TO THE DECISIONS THAT HAVE TO BE MADE, HE'LL ENSURE THAT HE'S MAKING THE RIGHT ONES FOR THE U.S. ECONOMY AND FOR THE GLOBAL ECONOMY.
ROBBINS ON MOVES
IF YOU LOOK AT THE MOVES THAT WE'VE MADE IN THE LAST 120 DAYS, WE TALKED ABOUT THAT AS BEING A REALLOCATION OF RESOURCES TOWARDS SOME OF THESE KEY GROWTH AREAS. AND I THINK YOU'RE SEEING THE RESULTS. WE GOT STRENGTH IN COLLABORATION, WE HAVE STRENGTH IN SECURITY, WE HAVE STRENGTH IN THE SOFTWARE BUSINESS. AND WE'LL CONTINUE TO RUN OUR BUSINESS AS WE ALWAYS HAVE AND REALIGN RESOURCES AS NEEDED AND ENSURE THAT WE MAINTAIN THE STRONG FINANCIALS THAT WE'VE ALWAYS BEEN KNOWN FOR.
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