Exhibit 99.1

 

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Press Contact:       Investor Relations Contact:
Robyn Blum       Marilyn Mora
Cisco       Cisco
1 (408) 930-8548       1 (408) 527-7452
rojenkin@cisco.com       marilmor@cisco.com

CISCO REPORTS THIRD QUARTER EARNINGS

 

   

Q3 Results:

 

   

Revenue: $13.0 billion

 

   

Growth of 6% year over year (normalized to exclude the divested SPVSS business for Q3 FY 2018)

 

   

Earnings per Share: GAAP: $0.69; Non-GAAP: $0.78

 

   

Non-GAAP EPS increased 18% year over year

 

   

Q4 Guidance (normalized to exclude the divested SPVSS business for Q4 FY 2018):

 

   

Revenue: 4.5% to 6.5% growth year over year

 

   

Earnings per Share: GAAP: $0.66 to $0.71; Non-GAAP: $0.80 to $0.82

SAN JOSE, Calif. — May 15, 2019 — Cisco today reported third quarter results for the period ended April 27, 2019. Cisco reported third quarter revenue of $13.0 billion, net income on a generally accepted accounting principles (GAAP) basis of $3.0 billion or $0.69 per share, and

non-GAAP net income of $3.5 billion or $0.78 per share.

As previously disclosed, Cisco completed the divestiture of the Service Provider Video Software Solutions (SPVSS) business in the second quarter of fiscal 2019 on October 28, 2018. Revenue, non-GAAP financial information, and Q4 FY 2019 guidance have been normalized to exclude the SPVSS business from prior periods for comparative purposes.

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

GAAP Results

 

     Q3 FY 2019      Q3 FY 2018      Vs. Q3 FY 2018  

Revenue (including SPVSS business for all periods)

   $ 13.0 billion      $ 12.5 billion        4

Revenue (excluding SPVSS business for all periods)

   $ 13.0 billion      $ 12.2 billion        6

Net Income

   $ 3.0 billion      $ 2.7 billion        13

Diluted Earnings per Share (EPS)

   $ 0.69      $ 0.56        23

Non-GAAP Results

 

     Q3 FY 2019      Q3 FY 2018      Vs. Q3 FY 2018  

Net Income (excluding SPVSS business for all periods)

   $ 3.5 billion      $ 3.2 billion        8

EPS (excluding SPVSS business for all periods)

   $ 0.78      $ 0.66        18

Reconciliations between net income, EPS, and other measures on a GAAP and non-GAAP basis are provided in the tables located in the section entitled “Reconciliations of GAAP to non-GAAP Measures.”

“We executed well in Q3, delivering revenue growth of 6%, non-GAAP EPS growth of 18%, as well as strong margins and cash flow,” said Kelly Kramer, CFO of Cisco. “We continue to invest in our innovation pipeline to drive long-term profitable growth, while successfully evolving our business model through software offerings and subscriptions and delivering value for shareholders.”

 

1


The following information was filed by Cisco Systems, Inc. (CSCO) on Wednesday, May 15, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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