After the market closed today, Cisco Systems Inc. (NASDAQ: CSCO) reported fiscal third-quarter results that were barely better than in-line with the consensus estimates. Sales totaled $11.6 billion, up 7% year-over-year and above the consensus estimate of $11.57 billion. Adjusted EPS came in a $0.48, up 11% from a year ago, and a penny better than the consensus estimate.
The company traditionally does not give guidance until its conference call, which will be held later this afternoon.
Gross margins for the quarter were higher, at 62% compared with 61.3% last quarter, and cost of sales rose 5%, compared with a rise of 7% last quarter. Cisco finished the quarter with about $6.5 billion cash and equivalents and long-term debt of around $16.3 billion, both only slightly different from last year’s figures.
In our preview of Cisco’s earnings earlier today, we noted that the stock has been very weak for the past month and the third-quarter results are not going to change that. Shares are down about 3% in the after-market, at $18.25 in a 52-week range of $13.30 to $21.30. Beware a larger swing once guidance is given.
Paul Ausick
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