Cisco Systems, Inc. (CSCO) reported quarterly revenue recently beating profit estimates as COVID-19 lockdowns boosted demand for its remote-work tools and networking equipment. Companies went online to continue operations during lockdown increasing the use of video conferencing and virtual private network software like Cisco’s Webex and AnyConnect.
The company anticipates fourth-quarter revenue to drop by 8.5% to 11.5% from a year earlier to between $11.47B and $11.86B. Cisco’s Q3 revenue declined 8% to $12B, beating analysts’ average estimate of $11.7B. Earnings of $.79/share beat expectations of $.69/share, excluding items.
Cisco executives expressed a wider revenue forecast than anticipated as big one-time customer projects, like the installation of the latest generation of Wifi on corporate campuses have been put on hold, especially in retail.
“Some things are starting to open up. The question is how quickly they open up. Those verticals that are going to be challenged economically are going to be challenged no matter what kind of technology they are buying.” stated Chief Financial Officer Kelly Kramer.
Cisco Systems, Inc. (CSCO) is a global technology leader that designs, manufactures, and sells Internet Protocol-based networking and other communications technology. To learn more about Cisco Systems, Inc. (CSCO) and to continue to track its progress please visit the Vista Partners Cisco Systems, Inc. Coverage Page
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