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Cisco Systems posts higher quarterly net income

Cisco Systems Inc. reported a 7% increase in GAAP net income for the third quarter of its fiscal 2018 to $2.69 billion, up from $2.52 billion in the prior-year period.

Earnings rose 12% to 56 cents per share, from 50 cents per share a year ago, on a GAAP basis. On a non-GAAP basis, net income was $3.20 billion, or 66 cents per share, up from $3.03 billion, or 60 cents per share, the previous year.

Revenue for the third quarter came in at $12.46 billion from $11.94 billion. Products and services revenues were up 5% and 3% respectively.

Operating income slipped to $3.13 billion from $3.17 billion.

The company reported a net loss for the first nine months of fiscal year 2018 of $3.69 billion, or 76 cents per share, from a profit of $7.19 billion, or $1.42 per share, in the year-ago period, owing to a provision for income taxes including an $11.1 billion charge related to the 2017 U.S. tax law.

Total revenue for the nine months was $36.49 billion, up from $35.87 billion in the prior-year period. Operating income for the period was $8.96 billion, slightly higher than the $8.94 billion posted a year prior.

For the fiscal fourth quarter, Cisco expects 4% to 6% growth in revenue. It projects fourth-quarter EPS of 55 cents to 60 cents on a GAAP basis and 68 cents to 70 cents on non-GAAP basis.