Cisco slightly beats Q3 expectations

Cisco published its third quarter financial report on Wednesday, slightly beatig market expectations.

The company posted a non-GAAP earnings of 78 cents per share on revenue of $13 billion, a 6 percent year-over-year increase.

Analysts were expecting earnings of 77 cents per share on revenue of $12.89 billion.

Product revenue was up 7 percent to $9.72 billion, and service revenue was up 3 percent to $3.24 billion. Product revenue includes sales from infrastructure platforms, which grew 5 percent to $7.55 billion for the quarter. Sales of security products grew 21 percent to $707 million, and sales of applications grew 9 percent to $1.43 billion.

By geographic segments, revenue in the Americas grew by 9 percent, in EMEA by 5 percent, and in APJC revenue was down 4 percent.

“Our strong performance in the quarter was across the business, reflecting our customers’ confidence in our strategy, business model and market-leading portfolio,” CEO Chuck Robbins said in a statement. “Technology is at the heart of our customers’ strategies and we are building the technology to help them achieve their business objectives.”

In Q3, Cisco closed the acquisitions of Luxtera, a privately held semiconductor company, and Singularity Networks, a privately held network infrastructure analytics company.

For the fourth quarter, the company is predicting non-GAAP earnings between 80 cents and 82 cents with year-over-year revenue growth between 4.5 percent and 6.5 percent.