Cisco (CSCO) reported its third-quarter earnings for 2024, exceeding expectations and showcasing strong growth in key areas. The company’s revenue for the quarter reached $13.2 billion, representing a 7% increase from the previous year. Additionally, Cisco’s earnings per share (EPS) came in at $0.87, beating analysts’ estimates of $0.82.
One of the standout areas of growth for Cisco in the third quarter was its networking business, which saw a 9% increase in revenue compared to the same period last year. This segment includes products such as switches, routers, and other networking equipment, which are essential for businesses to maintain their digital infrastructure.
Another highlight of Cisco’s earnings report was the performance of its security business, which saw a 12% increase in revenue year-over-year. This growth is a reflection of the increasing importance of cybersecurity in today’s digital landscape, as businesses look to protect their data from cyber threats.
In terms of geographic regions, Cisco saw strong performance in both the Americas and Europe, the Middle East, and Africa (EMEA) regions, with revenue increases of 8% and 6% respectively. The Asia-Pacific region also showed growth, with a 4% increase in revenue compared to the previous year.
Cisco’s CEO, Chuck Robbins, commented on the company’s strong performance in the third quarter, stating, “We are pleased with our results for the quarter, which demonstrate the strength of our portfolio and the value we provide to our customers. We continue to invest in innovation and are well-positioned to capture opportunities in the evolving digital landscape.”
Looking ahead, Cisco provided guidance for the fourth quarter, expecting revenue to be in the range of $13.5 billion to $13.7 billion, with EPS projected to be between $0.90 and $0.92. The company also announced plans to continue investing in key areas such as cybersecurity, cloud networking, and collaboration tools to drive future growth.
Overall, Cisco’s third-quarter earnings report for 2024 showcased strong growth and performance across key segments, positioning the company well for continued success in the evolving digital landscape. Investors and analysts alike are optimistic about Cisco’s future prospects and the value it provides to customers in an increasingly connected world.