SAN FRANCISCO, May 19 (Xinhua) – American networking giant Cisco Systems Inc. reported on Wednesday the results of the third quarter of the period ended May 1, with a total income 7% higher than in the third quarter of fiscal year 2020.
The company’s total revenue reached US $ 12.8 billion, with product revenue 6% and service revenue 8%.
Product revenue performance was broad, with security growth of 13% more, infrastructure platforms 6% and applications 5%, Cisco said.
Its net income based on generally accepted accounting principles (GAAP) is $ 2.9 billion or $ 0.68 per share, and its non-GAAP net profit is $ 3.5 billion or $ 0.83 per share.
“Cisco had a great quarter with strong demand across the business,” said Chuck Robbins, president and CEO of Cisco.
“We are confident in our strategy and our ability to lead the next phase of recovery as our clients accelerate the adoption of hybrid jobs, digital transformation, cloud and strong continued adoption of our subscription-based offerings. “, added.
“Our investments in innovation and the accelerated shift to more software offerings and subscriptions resulted in double-digit growth in deferred revenue, remaining performance obligations, and higher levels of recurring revenue,” said Scott Herren, Chief Financial Officer. from Cisco.
Cisco expects to achieve revenue growth of 6 to 8 percent during the fourth quarter of fiscal year 2021.
The third quarter of fiscal year 2021 had 14 weeks compared to the 13 weeks of the third quarter of fiscal year 2020, according to the company.