Cisco Shares Plunge 17% on Q3 Revenue Miss and Disappointing Outlook

May 18, 2022 4:29 PM EDT
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Price: $43.06 -1.62%

Revenue Growth %: -2.8%

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GROSS MARGIN: 7.88B

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Cisco Systems (NASDAQ: CSCO) shares dropped around 17% after-hours Wednesday following the company’s Q3 earnings results. While EPS of $0.87 came in better than the consensus estimate of $0.86, the revenue of $12.8 million (flat year-over-year) missed the consensus estimate of $13.34 million.

Product order growth was up 8% year-over-year. Total Annualized Recurring Revenue (ARR) grew 11% year-over-year to $22.4 billion.

The company expects Q4/22 EPS in the range of $0.76-$0.84, below the consensus of $0.92, and revenue growth in the range of (5.5)%-(1)%.

For the full 2022-year, the company expects EPS in the range of $3.29-$3.37, compared to the consensus estimate of $3.44. Revenue is expected to grow 2%-3% year-over-year.

Shares of Cisco were down 24% year-to-date going into the results.

By Davit Kirakosyan



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