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Cisco Systems (NASDAQ: CSCO) is up 2.5% Following the release of third quarter results, sales exceeded expectations due to overall revenue growth and double-digit earnings growth.
Overall, revenue grew by 6%, products and services by 3%
Total gross margin was 64.6% on a non-GAAP basis (versus 64.5% previously), with gross margin on revenues ranging from 61% to 62% and gross margin on services of 65.8%. % to 66.3%.
Operating expenses increased by only 1%. Earnings from operations increased 12% as reported and 6% in non-GAAP to reach $ 4.2 billion.
Net income rose 8% to $ 3.5 billion.
Revenues by product group (excluding video software solutions sold by service providers): infrastructure platforms, $ 7.5 billion (up 5%); Requests, $ 1.43 billion (up 9%); Security, $ 707 million (up 21%); Other income, $ 39 million (up 3%).
Cash flow from operations was $ 4.3 billion, up 79% (including $ 1.3 billion in one-time foreign taxes, normalized for these payments, up 16% ).
For the fourth quarter, we expect revenue growth of 4.5% to 6.5%, which would give $ 13.43 billion to $ 13.69 billion, above consensus for $ 13.29 billion of dollars.
It also provides a non-GAAP gross margin of 64 to 65%; operating margin of 31 to 32%; and EPS between $ 0.80 and $ 0.82, in line with the consensus of $ 0.81.
Conference call at 4:30 pm ET.
Previously: Cisco beats $ 0.01, beats turnover (May 15, 2019)
Press release
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