Cisco (Nasdaq: CSCO) reported its fiscal third-quarter 2012 earnings rose 20 percent, beating Wall Street expectations.
The San Jose, Calif.-based company reported non-GAAP earnings of $2.6 billion, marking an 11 percent year-over-year increase. Q3 net sales of $11.6 billion were 7 percent over the same quarter a year ago.
For the quarter ended April 28, Cisco announced earnings of 48 cents per share. Analysts had expected per-share earnings of 47 cents.
"We delivered solid results this quarter with record revenue and non-GAAP earnings per share," Cisco Chairman and CEO John Chambers said. "We are successfully executing against our long-term strategic plan of growing profit faster than revenue, and in a cautious IT spending environment, we continue to outperform our competitors."
For the first nine months of Cisco's fiscal year 2012, net sales totaled $34.4 billion, compared with $32 billion for the same period in 2011.
Meanwhile, non-GAAP net income for the first nine months was $7.5 billion, or $1.38 per share, compared with $6.8 billion, or $1.22 per share, for the fiscal-year 2011 period.
"In a world of clouds, video and mobile device proliferations, the role of the intelligent network has never been greater and our value proposition with our customers is the strongest it has ever been," Chamber said. "Our vision and strategy is focused on the right market transitions."
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