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Cisco Systems Reports Q3 Earnings Beat

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Cisco Systems Reports Q3 Earnings Beat

Cisco Systems (NASDAQ: CSCO) reported third-quarter earnings of 79 cents per share on Wednesday, which beat the analyst consensus estimate of 71 cents by 11.27%. This is a 1.28% increase over earnings of 78 cents per share from the same period last year.

The company reported quarterly sales of $12 billion, which beat the analyst consensus estimate of $11.88 billion by 1.01%. This is a 7.39% decrease over sales of $12.958 billion the same period last year.

"During this extraordinary time, our priority has been supporting our employees, customers, partners and communities, while positioning Cisco for the future," said Chuck Robbins, CEO of Cisco in a statement.

"The pandemic has driven organizations across the globe to digitize their operations and support remote workforces at a faster speed and greater scale than ever before. We remain focused on providing the technology and solutions our customers need to accelerate their digital organizations."

Cisco Systems shares were trading higher by 3.1% at $43.26 in Wednesday's after-hours session. The stock has a 52-week range between $58.26 and $32.40.

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