Cisco has reported Q3 results for the period ended April 28th 2018. The US tech giant reported third quarter revenue of $12.5 billion (€10.6bn), net income on a generally accepted accounting principles (GAAP) basis, and non-GAAP net income of $3.2 billion.

“We are executing well against our strategy, our innovation pipeline has never been stronger, and we continue to make great progress in transforming towards more software and subscriptions,” said Chuck Robbins, Chairman and CEO, Cisco. “I am confident with our position in the industry and the impact we will continue to drive with our customers.”

“We delivered strong results in Q3 with solid revenue growth of 4 per cent and non-GAAP EPS growth of 10 per cent,” added Kelly Kramer, CFO of Cisco. “Our investment in innovation and continued execution are paying off.  We saw broad-based strength across our portfolio, while continuing to shift our business model and deliver value for shareholders.”

Total revenue was $12.5 billion, up 4 per cent, with product revenue up 5 per cent and service revenue up 3 per cent. Some 32 per cent of total revenue was from recurring offers, up 2 percentage points from the third quarter of fiscal 2017. Revenue by geographic segment was: Americas up 2 per cent, EMEA up 9 per cent, and APJC up 7 per cent. Product revenue performance was broad based with growth in Infrastructure Platforms which increased by 2 per cent, Applications which increased by 19 per cent, and Security which increased by 11 per cent.

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