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: $12.0 billion

 

   

Decrease of (8)% year over year

 

   

Earnings per Share: GAAP: $0.65; Non-GAAP: $0.79

 

   

GAAP EPS decreased (6)% year over year

 

   

Non-GAAP EPS increased 1% year over year

 

   

Q4 Guidance:

 

   

Revenue: (8.5)% to (11.5)% decline year over year

 

   

Earnings per Share: GAAP: $0.57 to $0.62; Non-GAAP: $0.72 to $0.74

SAN JOSE, Calif. — May 13, 2020 — Cisco today reported third quarter results for the period ended April 25, 2020. Cisco reported third quarter revenue of $12.0 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.8 billion or $0.65 per share, and

non-GAAP net income of $3.4 billion or $0.79 per share.

“During this extraordinary time, our priority has been supporting our employees, customers, partners and communities, while positioning Cisco for the future,” said Chuck Robbins, chairman and CEO of Cisco. “The pandemic has driven organizations across the globe to digitize their operations and support remote workforces at a faster speed and greater scale than ever before. We remain focused on providing the technology and solutions our customers need to accelerate their digital organizations.”

GAAP Results

 

     Q3 FY 2020      Q3 FY 2019      Vs. Q3 FY 2019  

Revenue

   $ 12.0 billion      $ 13.0 billion        (8 )% 

Net Income

   $ 2.8 billion      $ 3.0 billion        (9 )% 

Diluted Earnings per Share (EPS)

   $ 0.65      $ 0.69        (6 )% 

Non-GAAP Results

 

 

     Q3 FY 2020      Q3 FY 2019      Vs. Q3 FY 2019  

Net Income

   $ 3.4 billion      $ 3.5 billion        (2 )% 

EPS

   $ 0.79      $ 0.78        1

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 in a very challenging environment, delivering strong margins and non-GAAP EPS growth,” said Kelly Kramer, CFO of Cisco. “The resiliency that we have been building into our business model is paying off, with software subscriptions now at 74% of our software revenue, up 9 points year over year. We are focused on driving long-term profitable growth while delivering shareholder value.”

 

1


The following information was filed by Cisco Systems, Inc. (CSCO) on Wednesday, May 13, 2020 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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