Cisco Systems CSCO 39.06 -0.74 -1.87% reported 3rd Quarter April 2019 earnings of $0.78 per share on revenue of $13.0 billion. The consensus earnings estimate was $0.77 per share on revenue of $12.9 billion. Revenue grew 4.0% on a year-over-year basis.
Cisco expects fourth quarter earnings of $0.80 to $0.82 per share on revenue of $13.42 billion to $13.68 billion. The current consensus earnings estimate is $0.81 per share on revenue of $13.28 billion for the quarter ending July 31, 2019. So accurate on the earnings, and raising revenue.
The company is up 5% today based on raised revenue and minimal tariff impact.
“If you remember back many months ago when the 10% tariffs were announced we said, we had basically three phases to our strategy,” CEO Chuck Robbins told investors on a conference call late Wednesday. “The first was we would continue the dialogue with the administration to make sure they understand the impact.”
“The second is, we’ll continue to do what we’ve always done which is optimize our supply chain which we’ve been doing for the last 20 years. And then the third is, we will make pricing adjustments where necessary if needed,” he added.
“Operationally all that we needed to do is now behind us,” Robbins continued. “And we see very minimal impact at this point based on all the great work the teams have done and it is absolutely baked into our guide going forward.”