Cisco Systems Inc. (CSCO - Free Report) just released its third quarter fiscal 2017 financial results, posting earnings of 60 cents per share and revenues of $11.9 billion. Currently, CSCO is a #4 (Sell) on the Zacks Rank, and is down 5.38% to $32.01 per share in trading shortly after its earnings report was released.
Cisco:
Beat earnings estimates. The company reported non-GAAP earnings of 60 cents per share, topping the Zacks Consensus Estimate of 53 cents per share. This number excludes 10 cents from non-recurring items.
Beat revenue estimates. The company saw revenues of $11.9 billion, just edging past our consensus estimate of $11.88 billion but decreasing 1% year-over-year. Product revenue performance was led by Wireless and Security, which increased by 13% and 9%, respectively.
Non-GAAP total gross margin and product gross margin were 64.4% and 63.2%, respectively. This was a decrease from the prior-year period, primarily due to pricing and product mix that was partially offset by continued productivity improvements.
Looking ahead to Q4, Cisco expects revenues to decline (6)% to (4)% year-over-year, with non-GAAP earnings per share in the range of 60 cents to 62 cents.
"I am pleased with the progress we are making on the multi-year transformation of our business," said Chuck Robbins, CEO, Cisco. "The Network is becoming even more critical to business success as our customers add billions of new connections to their enterprises. We are laser focused on delivering unparalleled value through highly secure, software-defined, automated and intelligent infrastructure."
Here’s a graph that looks at Cisco’s price, consensus, and EPS surprise:
Cisco Systems, Inc. is the worldwide leader in networking for the Internet. Cisco's Internet Protocol-based networking solutions are the foundation of the Internet and most corporate, education, and government networks around the world. Cisco provides the broadest line of solutions for transporting data, voice and video within buildings, across campuses, or around the world.
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Cisco Systems Inc. (CSCO - Free Report) just released its third quarter fiscal 2017 financial results, posting earnings of 60 cents per share and revenues of $11.9 billion. Currently, CSCO is a #4 (Sell) on the Zacks Rank, and is down 5.38% to $32.01 per share in trading shortly after its earnings report was released.
Cisco:
Beat earnings estimates. The company reported non-GAAP earnings of 60 cents per share, topping the Zacks Consensus Estimate of 53 cents per share. This number excludes 10 cents from non-recurring items.
Beat revenue estimates. The company saw revenues of $11.9 billion, just edging past our consensus estimate of $11.88 billion but decreasing 1% year-over-year. Product revenue performance was led by Wireless and Security, which increased by 13% and 9%, respectively.
Non-GAAP total gross margin and product gross margin were 64.4% and 63.2%, respectively. This was a decrease from the prior-year period, primarily due to pricing and product mix that was partially offset by continued productivity improvements.
Looking ahead to Q4, Cisco expects revenues to decline (6)% to (4)% year-over-year, with non-GAAP earnings per share in the range of 60 cents to 62 cents.
"I am pleased with the progress we are making on the multi-year transformation of our business," said Chuck Robbins, CEO, Cisco. "The Network is becoming even more critical to business success as our customers add billions of new connections to their enterprises. We are laser focused on delivering unparalleled value through highly secure, software-defined, automated and intelligent infrastructure."
Here’s a graph that looks at Cisco’s price, consensus, and EPS surprise:
Cisco Systems, Inc. is the worldwide leader in networking for the Internet. Cisco's Internet Protocol-based networking solutions are the foundation of the Internet and most corporate, education, and government networks around the world. Cisco provides the broadest line of solutions for transporting data, voice and video within buildings, across campuses, or around the world.
Stocks that Aren't in the News…Yet
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street.
They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015, with a stellar average gain of +26% per year. See these high-potential stocks now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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