Cisco beats by $0.05, beats on revs; guides Q4 (Jul) EPS in-line, revs above consensus; seeing stabilization of demand
- Reports Q3 (Apr) earnings of $0.88 per share, excluding non-recurring items, $0.05 better than the FactSet Consensus of $0.83; revenues fell 12.8% year/year to $12.70 bln vs the $12.53 bln FactSet Consensus.
- Non-GAAP operating margin at 34.2% compared to 33.5-34.5% prior guidance.
- Total annualized recurring revenue (ARR) at $29.2 billion including $4.2 billion from Splunk, up 22% year over year, and product ARR at $15.5 billion, up 44% year over year.
- Co issues guidance for Q4 (Jul), sees EPS of $0.84-0.86, excluding non-recurring items, vs. $0.86 FactSet Consensus; sees Q4 revs of $13.4-13.6 bln vs. $13.25 bln FactSet Consensus.
- Co expects Q4 non-GAAP operating margin of 31.5-32.5%.
- Co added, "Customers are consuming the equipment shipped over the last few quarters in line with our expectations and we are seeing stabilization of demand as a result. The addition of Splunk to our product line will be a catalyst for further growth."
- Co announced that Gary Steele, former Splunk CEO, was named president of Go-to-Market, effective immediately.
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