Cisco Systems, Inc. (NASDAQ:CSCO) released its latest earnings report after closing bell tonight, posting earnings of 54 cents per share, excluding items, on $12.2 billion revenue. Analysts had been looking for earnings of 53 cents per share on $12.17 billion in revenue for the third quarter. In the same quarter last year, Cisco Systems posted $12.1 billion in revenue.
Reported earnings were 35 cents per share, compared to 37 cents per share in the same quarter last year.
Key metrics from Cisco Systems’ earnings report
Cisco Systems reported $2.5 billion in cash flows from operations, compared to $3.6 billion in the previous quarter and $2.6 billion in last year’s first fiscal quarter. Cash and cash equivalents and investments were $52.1 billion for the quarter, compared to $52.1 billion at the end of the previous quarter and $48.2 billion at the end of last year’s first fiscal quarter.
During the quarter, Cisco paid 19 cents per share in dividends and repurchased about 41 million common shares for an average price of $24.58 per share, spending a total of $1 billion on share repurchases. As of Oct. 25, the company had bought back and retired 4.3 billion shares for an average price of $20.66 per share and a total of about $89.5 billion since the beginning of the current share repurchase program. The company has about $7.5 billion left on its share repurchase authorization.
“We are pleased with our results and are very comfortable in our strategy to deliver innovative solutions which enable the next generation of IT and the Internet of Everything,” Said Cisco Chairman and CEO John Chambers in a statement. “This was our strongest Q1 ever in terms of revenue, non-GAAP operating income, and non-GAAP EPS.”
Cisco updates businesses
During the quarter, the company unveiled its plans for the Internet of Everything, including the Cisco Connected Transportation Services. The company also showed off its Connected Safety and Security solutions.
Under Fast IT, the company enhanced its Unified Computing Business and introduced ASA with FirePOWER, its next-generation firewall.