Cisco posts 7% growth in revenue to $12.8 bn in third quarter

Cisco reported third quarter revenue of $12.8 billion and net income of $2.9 billion.
Cisco Live“Cisco had a great quarter with strong demand across the business,” said Chuck Robbins, chairman and CEO of Cisco. “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.”

“We executed well with strong product orders, and solid growth in revenue, net income, and EPS,” said Scott Herren, CFO of Cisco.¬† “Our investments in innovation and accelerated shift to more software offerings and subscriptions led to double-digit growth in deferred revenue, remaining performance obligations and higher levels of recurring revenue.”

Total revenue was up 7 percent at $12.8 billion, with product revenue up 6 percent and service revenue up 8 percent. Revenue by geographic segment was: Americas up 2 percent, EMEA up 11 percent, and APJC up 19 percent. Product revenue performance was broad-based with growth in Security, up 13 percent, Infrastructure Platforms up 6 percent, and Applications up 5 percent.

Acquisitions

In the third quarter of fiscal 2021, we closed the following acquisitions:

Acacia Communications, Inc., a public fabless semiconductor company that develops, manufactures and sells high-speed coherent optical interconnect products that are designed to transform communications networks through improvements in performance, capacity and cost.

IMImobile PLC, a United Kingdom-based publicly-traded cloud communications software and services company.

Dashbase, Inc., an enterprise software company.

In the fourth quarter of fiscal 2021, we closed the acquisition of Slido s.r.o, a privately held company that provides an audience interaction platform.