Cisco Systems 3Q Revenue Misses Expectations
May 18 2022 - 4:45PM
Dow Jones News
By Denny Jacob
Cisco Systems Inc. posted third-quarter revenue below analysts'
expectations.
The networking-equipment giant posted net income of $3.04
billion, or 73 cents a share, for the quarter ended April 30
compared with net income of $2.86 billion, or 68 cents a share, in
the year-ago period. Adjusted earnings a share were 87 cents, above
analysts' expectations of 86 cents.
Revenue ticked up to $12.84 billion from $12.8 billion. Analysts
polled by FactSet expected $13.37 billion.
The company said it expects revenue in the fourth quarter to
decline between 1% and 5.5% year-over-year.
Chief Executive Chuck Robbins said in prepared remarks that the
company continues to see solid demand but noted that Covid-19
lockdowns in China and the war in Ukraine impacted revenue in the
quarter.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
May 18, 2022 16:30 ET (20:30 GMT)
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