Cisco tops Q3 earnings, revenue expectations
Just a few days after anointing a new chief executive, Cisco revealed fiscal third quarter financial results after the bell on Wednesday.
The networking giant reported a net income of $2.4 billion, or 47 cents per share (statement).
Non-GAAP earnings were 54 cents per share on top of a revenue of $12.1 billion, up five percent year-over-year.
Wall Street was looking for earnings of 53 cents per share with $12.07 billion in revenue.
Cisco CFO Kelly Kramer gushed about the positive results in the report, remarking, "I feel great about the quarter. We executed well and the strategy is working.
Kramer attributed the better-than-expected results to a "good balance again across our portfolio," highlighting earnings per share grew faster than revenue.
John Chambers, who held the CEO title at Cisco for the last 20 years, uttered similar exuberant comments in the report, arguing Cisco is "pulling away from our competition using the same formula we've always used: integrating our industry-leading products in every category into architectures and solutions that deliver real outcomes."
When the transition is complete, Chambers will assume the role of executive chairman, focusing on Cisco's role in country digitization.
Chuck Robbins, Cisco's senior vice president of worldwide field operations, will take the helm effective July 26. Robbins did not provide comment for the third quarter report.
For the current quarter, Wall Street expects Cisco to finish off its fiscal year with $12.59 billion in Q4 revenue and earnings of 56 cents per share.