Cisco Systems, Inc. (NASDAQ: CSCO) reported its third quarter 2024 earnings results today.
Revenues decreased 13% year-over-year to $12.7 billion, but managed to beat estimates of $12.5 billion.
Net income decreased 41% to $1.9 billion, or $0.46 per share, compared to last year. Adjusted EPS fell 12% to $0.88, but surpassed projections of $0.82.
For the fourth quarter of 2024, Cisco expects revenue of $13.4-13.6 billion, GAAP EPS of $0.46-0.51, and adjusted EPS of $0.84-0.86.
For fiscal year 2024, revenue is expected to be $53.6-53.8 billion. GAAP EPS is expected to be $2.46-2.51 and adjusted EPS is expected to be $3.69-3.71.
The stock rose over 7% in aftermarket hours on Wednesday, following the earnings announcement.