Cisco Systems Reports Stronger-Than-Expected 3Q Revenue Growth
May 19 2021 - 4:46PM
Dow Jones News
By Maria Armental
Cisco Systems Inc.'s revenue rose a stronger-than-expected 7% in
the third quarter while total product orderw rose 10% from the year
earlier, the strongest demand in nearly a decade, the company
said.
It was the first year-on-year quarterly increase following a
string of quarterly declines as businesses cut back on hardware
networking equipment during the pandemic.
Company officials had pointed to signs of strength, and on
Wednesday said that they expected to benefit from customers'
accelerating adoption of hybrid work, digital transformation and
cloud.
Cisco's third-quarter profit rose to $2.86 billion from $2.77
billion a year earlier. On a per-share basis, profit was 68 cents a
share, or 83 cents excluding stock-based compensation and other
items.
Revenue for the quarter ended May 1 rose to $12.8 billion from
$11.98 billion a year earlier.
Cisco had projected 64 cents to 69 cents a share, or 80 cents to
82 cents as adjusted, with revenue increasing 3.5% to 5.5% from the
year earlier. Analysts expected a profit of 67 cents a share, or 82
cents on an adjusted basis, on $12.57 billion in revenue.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
May 19, 2021 16:31 ET (20:31 GMT)
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