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5/16, 10:07 PM (Source: TeleTrader.com)
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Cisco's Q3 earnings rise 12% to 56 cents per share

Cisco Systems Inc. roughly matched consensus among analysts, posting turnover of $12.46 billion for its third fiscal quarter, ending with April 28, and diluted earnings per share of $0.56. The measures grew 4.4% and 12%, respectively, on an annual basis, while total profit came in at $2.7 billion or 7% higher, the VoIP giant said on Wednesday.

Both the revenue and adjusted earnings, at $0.66 per share, were marginally higher than estimates. In the equivalent period last year, the technology company based in San Jose, California, reported $0.6 per share excluding selected items. In extended trade, its stocks tumbled more than 3.5%, on top of a 0.7% decline in the regular session, as guidance for the current quarter showed targets of 68 to 70 cents per share in non-GAAP terms, 55 to 60 cents on a reported basis and sales growth of 4% to 6% billion. The ranges were also in line with expectations.

"We are executing well against our strategy, our innovation pipeline has never been stronger, and we continue to make great progress in transforming towards more software and subscriptions," said Chuck Robbins, chairman and chief executive.

Breaking the News / IT