Cisco Systems reports Q3 beat but shares fell 2% By Investing.com

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Cisco Systems reports Q3 beat but shares fell 2%

Published May 17, 2023 16:36

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Cisco Systems reports Q3 beat but shares fell 2%

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Cisco Systems (NASDAQ:CSCO) reported its Q3 results, with EPS of $1.00 coming in better than the consensus estimate of $0.97. Revenue grew 14% year-over-year to $14.6 billion, beating the consensus estimate of $14.4B. Despite the beat, shares traded more than 2% lower after-hours.

Total software revenue grew 18% and software subscription revenue was up 17% year-over-year. Total annualized recurring revenue (ARR) increased 6% year-over-year to $23.8B, with product ARR up 10%. Remaining performance obligations (RPO) increased 6% year-over-year to $32.1B, with product RPO up 9%.

"In Q3, we delivered record revenue and double-digit growth in both software and subscription revenue. As key technologies like cloud, AI and security continue to scale, Cisco's long-established leadership in networking, and the breadth of our portfolio position us well for the future," said CEO Chuck Robbins.

For Q4/23, the company expects EPS in the range of $1.05-$1.07, compared to the consensus of $1.04. Revenue growth is expected in the range of 14%-16% year-over-year.

For the full year, the company expects EPS in the range of $3.80–$3.82, and revenue growth of 10%–10.5%.

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