Cisco Announces Third Quarter Financial Results

May 19, 2022 By MarketDepth

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Cisco sign at office

Cisco Systems, Inc. (NASDAQ: CSCO) has reported third quarter financial results. Cisco announced $12.8 billion in revenue, flat year over year; GAAP EPS $0.73, up 7% year over year, and Non-GAAP EPS $0.87, up 5% year over year.  Solid demand with product order growth up 8% year over year. Progress on business model transformation with total Annualized Recurring Revenue (ARR) at $22.4 billion in the third quarter of fiscal 2022, up 11% year over year. “We continued to see solid demand for our technologies and our business transformation is progressing well,” said Chuck Robbins, chair and CEO of Cisco. “While Covid lockdowns in China and the war in Ukraine impacted our revenue in the quarter, the fundamental drivers across our business are strong and we remain confident in the long term.”

“We delivered healthy earnings despite unanticipated disruptions through strong pricing and disciplined spend management. Our product backlog is well over $15 billion and product ARR and RPO again grew double digits. The continued progress in our business model transformation reflects the success of our strategy and underpins our long-term confidence.”

Scott Herren, CFO of Cisco

Operating expenses amounted to USD 4.5 Billion, a 4% drop.  Cisco announced the close of the acquisition of Opsani, a privately held enterprise software company.