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Home > Cloud Computing > Cisco reports third quarter financial results

Cisco reports third quarter financial results

Cisco reported financial results for the third quarter, the period ended May 1. The company reported revenue of $12.8 billion.

Erdem Yasar by Erdem Yasar
May 21, 2021
in Cloud Computing
2 min read
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Cisco reported financial results for the third quarter. Cisco reported third quarter revenue of $12.8 billion, up 7% year-over-year, net income of $2.9 billion or $0.68 per share, and non-GAAP net income of $3.5 billion or $0.83 per share. The company also stated that 81% of software revenue sold as a subscription, up from 76% last quarter.

Third quarter highlights

  • Revenue: Total revenue was up 7% at $12.8 billion, with product revenue up 6% and service revenue up 8%. Revenue by geographic segment was: Americas up 2%, EMEA up 11%, and APJC up 19%.
  • Gross Margin: On a GAAP basis, total gross margin, product gross margin, and service gross margin were 63.9%, 62.6%, and 67.4%, respectively, as compared with 64.9%, 63.7%, and 67.7%, respectively, in the third quarter of fiscal 2020.
  • Operating Expenses: On a GAAP basis, operating expenses were $4.7 billion, up 8%, and were 36.9% of revenue. Non-GAAP operating expenses were $4.1 billion, up 9%, and were 32.4% of revenue.
  • Operating Income: GAAP operating income was $3.5 billion, up 1%, with GAAP operating margin of 27.1%. Non-GAAP operating income was $4.3 billion, up 3%, with non-GAAP operating margin at 33.6%.
Chuck Robbins, Chairman and CEO, Cisco
Chuck Robbins, Chairman and CEO, Cisco

Chuck Robbins, Chairman and CEO, Cisco, said,

“Cisco had a great quarter with strong demand across the business. 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.”

See more Cloud Computing News


Tags: Cisco Systems
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Erdem Yasar

Erdem Yasar

Erdem Yasar is a news editor at Cloud7 News. Erdem started his career by writing video game reviews in 2007 for PC World magazine while he was studying computer engineering. In the following years, he focused on software development with various programming languages. After his graduation, he continued to work as an editor for several major tech-related websites and magazines. During the 2010s, Erdem Yasar shifted his focus to cloud computing, hosting, and data centers as they were becoming more popular topics in the tech industry. Erdem Yasar also worked with various industry-leading tech companies as a content creator by writing blog posts and other articles. Prior to his role at Cloud7 News, Erdem was the managing editor of T3 Magazine.

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