Cisco reported revenue of $12.8 billion for its third fiscal quarter, ended 01-May-2021, with net income on a generally accepted accounting principles (GAAP) basis of $2.9 billion or $0.68 per share, and non-GAAP net income of $3.5 billion or $0.83 per share.
"Cisco had a great quarter with strong demand across the business," said Chuck Robbins, chairman and CEO of Cisco. "We are confident in our strategy and our ability to lead the next phase of the recovery as our customers accelerate their adoption of hybrid work, digital transformation, cloud, and continued strong uptake of our subscription-based offerings."
"We executed well with strong product orders, and solid growth in revenue, net income, and EPS," said Scott Herren, CFO of Cisco. "Our investments in innovation and accelerated shift to more software offerings and subscriptions led to double-digit growth in deferred revenue, remaining performance obligations and higher levels of recurring revenue."
Some highlights:
- Total revenue was up 7% at $12.8 billion, with product revenue up 6% and service revenue up 8%.
- Revenue by geographic segment was: Americas up 2%, EMEA up 11%, and APJC up 19%.
- Product revenue performance was broad-based with growth in Security, up 13%, Infrastructure Platforms up 6%, and Applications up 5%.
- Software revenue was $3.8B, +13% y/y, of which 81% is recurring
