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Cisco Earnings: CSCO Stock Jumps 2% on Q3 Beat

CSCO beat out EPS and revenue estimates

Cisco (NASDAQ:CSCO) earnings for fiscal third quarter of 2020 have CSCO stock up after-hours Wednesday. That comes after reporting adjusted earnings per share (EPS) of 79 cents, which is above Wall Street’s estimate of 71 cents. The U.S. tech company’s revenue of $11.98 billion is also above analysts’ estimates of $11.88 billion.

Cisco Earnings: CSCO Stock Jumps 2% on Q3 Beat
Source: Ken Wolter / Shutterstock.com

Here are some additional highlights from the most recent Cisco earnings report.

  • Adjusted per-share earnings are up 1% from 78 cents during the fiscal third quarter of 2019.
  • Revenue for the quarter comes in 8% lower than the $12.96 billion reported in the same period of the year prior.
  • Operating income of $3.41 billion is down 3% year-over-year from $3.51 billion.
  • The Cisco earnings report also has net income coming in at $2.77 billion.
  • That’s a 9% decline compared to the company’s net income of $3.04 billion from the same time last year.

Kelly Kramer, CFO of Cisco, said this about the earnings results:

“We executed well in Q3 in a very challenging environment, delivering strong margins and non-GAAP EPS growth. The resiliency that we have been building into our business model is paying off, with software subscriptions now at 74% of our software revenue, up 9 points year over year.  We are focused on driving long-term profitable growth while delivering shareholder value.”

Cisco also includes an outlook for fiscal Q4 2020 in the earnings report. It expects adjusted EPS 72 cents to 74 cents for the quarter. That stacks up well next to Wall Street’s estimate of 71 cents.

CSCO stock was up 2.4% after markets closed on Wednesday.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2020/05/cisco-earnings-boost-csco-stock/.

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