Cisco Systems (CSCO): FQ3 EPS of $0.48 beats by $0.01. Revenue of $11.59B (+6.6% Y/Y) beats by $20M.
Commentary is downbeat, with Cisco noting weak Euro and public sector spending. Service provider orders +5% Y/Y, but enterprise orders -1%. Longer sales cycles and smaller deal sizes are being seen. FQ3 switch sales +5%, but router and collaboration (VoIP, telepresence, etc.) sales were flat. Asia-Pac is an area of strength, but China orders -8% Y/Y. Wireless and servers are growing quickly, but are still a small % of sales. CSCO -9.2% AH. Cisco (CSCO) guides on its FQ3 earnings call for 2%-5% FQ4 revenue growth and EPS of $0.44-$0.46, below a consensus of 7.1% growth and EPS of $0.49. CSCO -8.1% AH. JNPR -2.4%. JDSU -1.9%. FFIV -1.4%. RVBD -1.5%.
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