Cisco Reports Solid Q3 Performance, Exceeds Analyst Expectations
Cisco Systems Inc. (CSCO) reported its financial results for the third quarter of fiscal 2024 after the market close on Wednesday. The company exceeded analyst expectations, delivering strong revenue and earnings despite a challenging economic environment.
Revenue: $12.7 billion, down 13% year-over-year but exceeding the consensus estimate of $12.531 billion.
88 cents, surpassing analyst estimates of 82 cents per share.
$6.9 billion.
$29.2 billion, up 22% year-over-year.
$413 million to total revenue.
Cisco CEO Chuck Robbins highlighted the company's ability to navigate a dynamic environment and provide customers with "unrivaled digital resilience for the AI era." He also announced the appointment of Splunk CEO Gary Steele as president of Go-to-Market and the departure of Jeff Sharritts, Cisco's chief customer and partner officer.
Cisco expects fourth-quarter revenue between $13.4 billion and $13.6 billion, exceeding estimates of $13.23 billion. Adjusted earnings are projected to be in the range of 84 cents to 86 cents per share, compared to estimates of 85 cents per share.
For the full year, Cisco anticipates revenue of $53.6 billion to $53.8 billion, surpassing estimates of $53.14 billion. Adjusted earnings are expected to be between $3.69 and $3.71 per share, exceeding estimates of $3.67 per share.
Cisco shares closed Wednesday up 1.47% and continued to climb after hours, reaching a 5.29% increase at $52.33.
Overall, Cisco's Q3 performance demonstrates the company's resilience and its commitment to delivering value to customers in a rapidly evolving technological landscape.