Cisco has posted an 8 per cent fall in its revenues, to about $12 billion in third quarter (Q3) of financial year (FY) 2020 from $13 billion during the same quarter in FY19.
Further, company’s net income declined by 9 per cent, to $2.8 billion from $3 billion during the period.
Commenting on the results, Chuck Robbins, chairman and chief executive officer (CEO), Cisco, said, “During this extraordinary time, our priority has been supporting our employees, customers, partners and communities, while positioning Cisco for the future. The pandemic has driven organizations across the globe to digitize their operations and support remote workforces at a faster speed and greater scale than ever before. We remain focused on providing the technology and solutions our customers need to accelerate their digital organizations.”
Meanwhile, Kelly Kramer, chief financial officer (CFO), Cisco, said, “We executed well in Q3 in a very challenging environment, delivering strong margins and non-GAAP EPS growth. The resiliency that we have been building into our business model is paying off, with software subscriptions now at 74 per cent of our software revenue, up 9 points year over year. We are focused on driving long-term profitable growth while delivering shareholder value.”
Further, Cisco expects a year on year (YoY) decline of 8.5 per cent – 11.5 per cent in its revenue for the upcoming Q4 FY20.