Cisco Systems (NASDAQ:) shares dropped around 17% after-hours Wednesday following the company’s . While the consensus estimate for $0.86 was better, $0.87 EPS came in at $0.87. However, revenue of $12.8million (flat year-over–year) fell short of the consensus estimate.

Year-over-year, product order growth increased by 8%. The total annualized recurring revenue (ARR), grew 11% to $22.4 billion.

According to the company, Q4/22 earnings per share (EPS) will be between $0.76 and $0.844 below $0.92 consensus. Revenue growth is expected to range from (5.5 1)%.

The company anticipates that EPS will be in the $3.29 to $3.37 range for the entire 2022-year. This compares with the consensus estimate at $3.44. Year-over-year revenue growth is anticipated to be between 2% and 3%.

Cisco’s shares fell 24% in the year to date going into these results.

By Davit Kirakosyan