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Cisco: Q3 EPS down 12%

( - On Wednesday evening network technology provider Cisco Systems reported non-GAAP EPS that is down 12% to $0.
88 for Q3 2023-24, on sales that fell 13% to $12.7bn.

Sales, gross margin and non-GAAP EPS came in at or above our target ranges, both including and excluding Splunk, resulting in continued operating leverage, its CFO said.

Our unique ability to bring together networking, security, observability and data enables Cisco to offer its customers unrivalled digital resilience for the AI era, company CEO added, pointing to an environment that remains dynamic.

For FY 2023-24, Cisco anticipates non-GAAP EPS of $3.69 to $3.71, with sales of $53.6bn to $53.8bn, implying target ranges of $0.84-$0.86 and $13.4bn-$13.6bn in Q4.

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