Cisco on Wednesday published third quarter financial results slightly above expectations with growth across categories. The company reported 10 percent year-over-year total product order growth, representing the strongest demand in nearly a decade.
Cisco’s Q3 non-GAAP earnings per share came to 83 cents on revenue of $12.8 billion up 7 percent year-over-year.
Wall Street was expecting earnings of 82 cents per share on revenue of $12.56 billion.
Overall, product revenue was up 6 percent year-over-year, totaling $9.14 billion. Within that category, security revenue was up 13 percent to $876 million. Revenue from infrastructure platforms 6 percent to $6.8 billion, while applications revenue was up 5 percent to $1.4 billion. Revenue from “other products” declined 34 percent to $6 million.
Service revenue was up 8 percent year-over-year, reaching $3.66 billion.
“Cisco had a great quarter with strong demand across the business,” CEO Chuck Robbins said in a statement. “We are confident in our strategy and our ability to lead the next phase of the recovery as our customers accelerate their adoption of hybrid work, digital transformation, cloud, and continued strong uptake of our subscription-based offerings.”
Deferred revenue in Q3 was $$20.9 billion, up 12 percent in total, with deferred product revenue up 20 percent. Deferred service revenue was up 7 percent.
Remaining Performance Obligations came to $28.1 billion at the end of Q3, up 10 percent.
For the fourth quarter, Cisco expects revenue growth of 6 percent to 8 percent year-over-year.
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