From CNBC: 2024-05-15 16:12:24

Cisco, under CEO Chuck Robbins, reported Q3 earnings of 88 cents per share, beating the expected 82 cents. Revenue of $12.7 billion surpassed the $12.53 billion estimate. However, revenue fell by 13% year over year, with net income dropping 41%.

The decrease in performance was due to clients deploying previously received equipment. Networking revenue, mostly from data center switches, dropped by 27%. Cisco completed the $28 billion acquisition of security software company Splunk, which slightly impacted earnings but added $413 million in revenue.

Cisco raised its fiscal 2024 revenue forecast to $53.6 billion to $53.8 billion, surpassing analysts’ expectations. The company also adjusted its full-year earnings outlook to $3.69 to $3.71 per share.

Prior to the announcement, Cisco shares were down 2% in 2024 while the S&P 500 was up 11%. Gary Steele, former CEO of Splunk, becomes Cisco’s president of go-to-market. Executives are set to discuss the results in a conference call.



Read more at CNBC:: Cisco (CSCO) Q3 earnings report 2024