Cisco Systems, Inc. (NASDAQ: CSCO) reported its most recent quarterly results after the markets closed on Wednesday. The company said that it had $0.78 in earnings per share (EPS) and $13.0 billion in revenue, compared with consensus estimates that called for $0.77 in EPS and $12.89 billion in revenue. The fiscal third quarter from last year had $0.66 in EPS and $12.46 billion in revenue.
Total revenue increased 6% year over year, with product revenue up 7% and service revenue up 3%. Revenue by geographic segment was: Americas up 9%, EMEA up 5%, and APJC down 4%. Product revenue performance was broad based with growth in Security, up 21%, Applications, up 9%, and Infrastructure Platforms, up 5%.
Deferred revenue was $17.5 billion, down 8% in total, with deferred product revenue down 23%. Deferred service revenue was up 3%.
Looking ahead to the fiscal fourth quarter, the company expects to see EPS in the range of $0.80 to $0.82 and revenues growing in the range of 4.5% to 6.5% year over year.
Chuck Robbins, chairman and CEO of Cisco, commented:
Our strong performance in the quarter was across the business, reflecting our customers’ confidence in our strategy, business model and market-leading portfolio. Technology is at the heart of our customers’ strategies and we are building the technology to help them achieve their business objectives.
Shares of Cisco closed Wednesday at $52.44, with a 52-week range of $40.25 to $57.53. The stock has a consensus analyst price target of $56.46. Following the announcement, the stock was up about 3% at $53.89 in the after-hours session.