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Cisco Systems (NASDAQ: CSCO) shares were trading up as much as seven percent following better-than-expected third-quarter revenue and earnings.
On the company's conference call, CEO John Chambers spoke excitedly about the performance of the company's products for the quarter, as well as highlighting performance in international markets and future ventures.
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Product Performance
- Nexus switches and 9000 has seen an increase in customers from 20+ customers to 175 customers. Claims 1,000 customers in pipeline.
- Highlights Nexus 9000 as product flagship that is ahead of competition in quality and performance.
- WebEx posted revenue grew 27 percent
International Markets
- Discussed weak performance and concern in emerging markets. Highlighted situations occurring in Russia and Brazil as hindering on performance
- Challenges from macro performance in emerging markets. Expects challenges to continue for some time.
- China and Indian market performance down, as well
- Saw stable performance in the northern and southern parts of Europe
- Half of Cisco's market cap is overseas cash.
Future Ventures
- Discussed multi-year deal with General Motors to bring Cisco software system to fulfill all network needs.
- Goal of bringing entire Cisco catalog to customers. Sharing architecture in each product category that combines infrastructure with platform and services and combining this with cloud, mobility, data, etc. to produce faster outcomes. This is what was highlighted in GM deal.
- Betting on start ups in other competitive markets with new technology.
- Shares are currently up 6.2 percent at $24.23.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.