Cisco Q3 2023 Earnings Report
Key Takeaways
Cisco's Q3 2023 results showed strong revenue growth and EPS, driven by strength in software and subscription revenues. The company reported revenue of $14.6 billion, GAAP EPS of $0.78, and non-GAAP EPS of $1.00. Cisco is increasing full year guidance.
Revenue was $14.6 billion, up 14% year over year.
GAAP EPS was $0.78, up 7% year over year, and Non-GAAP EPS was $1.00, up 15% year over year.
Q3 FY 2023 operating cash flow was $5.2 billion, up 43%.
Total software revenue was up 18% year over year and software subscription revenue was up 17% year over year.
Cisco
Cisco
Cisco Revenue by Geographic Location
Forward Guidance
Cisco provided guidance for Q4 FY 2023, expecting revenue growth between 14% and 16% year over year, non-GAAP gross margin rate between 64.5% and 65.5%, non-GAAP operating margin rate between 34% and 35%, and non-GAAP EPS between $1.05 and $1.07. For fiscal year 2023, the company expects revenue growth between 10% and 10.5% year over year and non-GAAP EPS between $3.80 and $3.82.
Positive Outlook
- Revenue is expected to grow between 14% and 16% year over year.
- Non-GAAP gross margin rate is expected to be between 64.5% and 65.5%.
- Non-GAAP operating margin rate is expected to be between 34% and 35%.
- Non-GAAP EPS is expected to be between $1.05 and $1.07.
- Revenue is expected to grow between 10% and 10.5% year over year for fiscal year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income