Cisco sees Q2 gross margin 65%-66%

Sees Q2 operating margin 31.5%-32.5%. Sees Q2 and FY24 tax rate 19%. Says Q1 product orders declined 20%. Says bottleneck in supply chain has shifted downstream to implementation. Says one to two quarters of orders awaiting implementation. Says delivered solid quarter. Says expects to close Splunk acquisition by end of Q3 in 2024. Comments and guidance taken from Q1 earnings conference call.