Cisco Reports Third Quarter Earnings

-- SAN JOSE, Calif., May 17, 2023 --

News Summary:

$14.6 billion in revenue, up 14% year over year; GAAP EPS $0.78, up 7% year over year, and Non-GAAP EPS $1.00, up 15% year over year

Q3 FY 2023 operating cash flow of $5.2 billion, up 43%

Continued progress on business model transformation:

Total software revenue up 18% year over year and software subscription revenue up 17% year over year

Total annualized recurring revenue (ARR) at $23.8 billion, up 6% year over year and product ARR up 10% year over year

Remaining performance obligations (RPO) at $32.1 billion, up 6% year over year and product RPO up 9% year over year

Q3 FY 2023 Results:

Revenue: $14.6 billion

Increase of 14% year over year

Earnings per Share: GAAP: $0.78; Non-GAAP: $1.00

GAAP EPS increased 7% year over year

Non-GAAP EPS increased 15% year over year

Q4 FY 2023 Guidance:

Revenue: 14% to 16% growth year over year

Earnings per Share: GAAP: $0.82 to $0.87; Non-GAAP: $1.05 to $1.07

FY 2023 Guidance:

Revenue: 10% to 10.5% growth year over year

Earnings per Share: GAAP: $2.93 to $2.98; Non-GAAP: $3.80 to $3.82

Cisco today reported third quarter results for the period ended April 29, 2023. Cisco reported third quarter revenue of $14.6 billion, net income on a generally accepted accounting principles (GAAP) basis of $3.2 billion or $0.78 per share, and non-GAAP net income of $4.1 billion or $1.00 per share.

We once again delivered a strong quarter in a dynamic environment, said Chuck Robbins, chair and CEO of Cisco. In Q3, we delivered record revenue and double-digit growth in both software and subscription revenue. As key technologies like cloud, AI and security continue to scale, Ciscos long-established leadership in networking, and the breadth of our portfolio position us well for the future.

Our operational discipline and focused execution resulted in strong top and bottom-line growth, margin expansion and record operating cash flow, said Scott Herren, CFO of Cisco. Our healthy backlog, recurring revenue streams and RPO, as well as the improving availability of supply, underpin our confidence to increase full year guidance.

GAAP Results

Q3 FY 2023

Q3 FY 2022

Vs. Q3 FY 2022

Revenue

$

14.6 billion

$

12.8 billion

14 %

Net Income

$

3.2 billion

$

3.0 billion

6 %

Diluted Earnings per Share (EPS)

$

0.78

$

0.73

7 %

LINK:	https://newsroom.cisco.com/press-release-content?type=webcontent&artic...
	See more stories from cisco

Most recent headlines