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Benzinga
Benzinga
Business
Akanksha Bakshi

Why Cisco Systems Shares Are Plunging After Hours - Company Shocks With Revenue Outlook

Cisco Cisco Systems, Inc. CSCO Nasdaq

Cisco Systems Inc (NASDAQ:CSCO) reported third-quarter sales of $12.8 billion, flat year-over-year, missing the consensus of $13.34 billion.

Product revenue was up 3% Y/Y and service revenue down 8% Y/Y. Annualized Recurring Revenue (ARR) was $22.4 billion, up 11% Y/Y in Q3.

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