Cisco Systems Inc. (NASDAQ: CSCO) announced results for the third quarter of 2023, reporting higher revenues and earnings. The company also provided guidance for the fourth quarter and fiscal 2023.
The San Jose-headquartered network gear maker said that earnings, excluding special items, rose to $1.00 per share in the April quarter from $0.87 per share in the same period of 2022. Unadjusted net income was $3.21 billion or $0.78 per share, compared to last year’s profit of $3.04 billion or $0.73 per share.
At $14.57 billion, third-quarter revenues were up 14% year-over-year. The top line benefitted from strong contributions from the core Secure, Agile Networks division.
“In Q3, we delivered record revenue and double-digit growth in both software and subscription revenue. As key technologies like cloud, AI and security continue to scale, Cisco’s long-established leadership in networking, and the breadth of our portfolio position us well for the future,” said Cisco’s CEO Chuck Robbins.
