Cisco just beat the street on earnings.
It delivered EPS of $0.42 versus expectations of $0.39. Sales were $10.4 billion versus expectations of $10.2 billion.
The stock is popping in after hours trading, up ~3% as of 4:15.
- Q3 Net Sales: $10.4 billion (increase of 27% year over year)
- Q3 Net Income: $2.2 billion GAAP; $2.5 billion non-GAAP
- Q3 Earnings per Share: $0.37 GAAP (increase of 61% year over year); $0.42 non-GAAP (increase of 40% year over year)
- Q3 Cash Flows from Operations: $3.0 billion (increase of 49% year over year)
Cisco, the worldwide leader in networking that transforms how people connect, communicate and collaborate, today reported its third quarter results for the period ended May 1, 2010. Cisco reported third quarter net sales of $10.4 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.2 billion or $0.37 per share, and non-GAAP net income of $2.5 billion or $0.42 per share.
“Our financial results were outstanding, achieving record level revenue and earnings per share results. We witnessed a return to strong balanced growth across geographies, products and customer segments that we haven’t seen since before the global economic challenges began. We emerge from this downturn gaining market share, a larger share of the total wallet spend of our customers, dramatically improved customer relations as a trusted technology and business partner, and having next-generation products in almost every product category. It is clear that our game plan for how to handle economic downturns is hitting on all cylinders,” said John Chambers, chairman and CEO of Cisco.
Chambers continued, “Our innovation and operational engines are exceeding our expectations. This applies to products, organisation structures, business models, and movements into 30+ new market adjacencies. From almost every measurement perspective — revenues, earnings per share, new products, successful acquisitions, internal startups — our results in Q3 were the proof points that our strategy is working and was probably the strongest quarter in our history.”