Cisco Systems (Nasdaq: CSCO) reported earnings on May 15. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended April 27 (Q3), Cisco Systems met expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue expanded. Non-GAAP earnings per share grew. GAAP earnings per share grew.

Gross margins contracted, operating margins contracted, net margins expanded.

Revenue details
 Cisco Systems chalked up revenue of $12.22 billion. The 36 analysts polled by S&P Capital IQ predicted revenue of $12.18 billion on the same basis. GAAP reported sales were 5.4% higher than the prior-year quarter's $11.59 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at $0.51. The 38 earnings estimates compiled by S&P Capital IQ anticipated $0.49 per share. Non-GAAP EPS of $0.51 for Q3 were 6.3% higher than the prior-year quarter's $0.48 per share. GAAP EPS of $0.46 for Q3 were 15% higher than the prior-year quarter's $0.40 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 61.5%, 40 basis points worse than the prior-year quarter. Operating margin was 24.4%, 20 basis points worse than the prior-year quarter. Net margin was 20.3%, 160 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $12.44 billion. On the bottom line, the average EPS estimate is $0.51.

Next year's average estimate for revenue is $48.59 billion. The average EPS estimate is $1.99.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 10,485 members out of 11,007 rating the stock outperform, and 522 members rating it underperform. Among 1,926 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,849 give Cisco Systems a green thumbs-up, and 77 give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Cisco Systems is outperform, with an average price target of $23.32.

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