Cisco Reports Third Quarter Earnings

Cisco today reported third quarter results for the period ended April 29, 2023. Cisco reported third quarter revenue of $14.6 billion, net income on a generally accepted accounting principles (GAAP) basis of $3.2 billion or $0.78 per share, and non-GAAP net income of $4.1 billion or $1.00 per share.

“We once again delivered a strong quarter in a dynamic environment,” said Chuck Robbins, chair and CEO of Cisco. “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.”

“Our operational discipline and focused execution resulted in strong top and bottom-line growth, margin expansion and record operating cash flow,” said Scott Herren, CFO of Cisco. “Our healthy backlog, recurring revenue streams and RPO, as well as the improving availability of supply, underpin our confidence to increase full year guidance.”