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Cisco posts solid Q3 as it grows software business

Cisco published its third quarter financial results on Wednesday, coming in just ahead of market expectations.

Non-GAAP net income came to $3.2 billion or earnings of 66 cents per share. The networking giant posted revenue of $12.5 billion, up 4 percent year over year.

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Wall Street was looking for earnings of 65 cents per share on revenue of $12.44 billion.

“We are executing well against our strategy, our innovation pipeline has never been stronger, and we continue to make great progress in transforming towards more software and subscriptions,” CEO Chuck Robbins said in a statement.

Recurring revenue was 32 percent of total revenue, up 2 points year-over-year.

By segment, Infrastructure Platforms revenue grew by 2 percent to bring in $7.16 billlion. Applications revenue increased 19 percent to reach $1.3 billion, and Security revenue grew 11 percent to $583 million. The “other” category fell 6 percent to $249 million. Services, meanwhile, grew 3 percent to bring in $3.16 billion in revenue.

For the fourth quarter, Cisco projects non-GAAP earnings between 68 cents per share and 70 cents per share with revenue growth of 4 percent to 6 percent year-over-year.

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