Cisco Systems (Nasdaq: CSCO) reported earnings on May 9. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended April 28 (Q3), Cisco Systems met expectations on revenues and beat slightly on earnings per share.

Compared to the prior-year quarter, revenue increased and GAAP earnings per share grew significantly.

Gross margins contracted, operating margins increased, net margins improved.

Revenue details
Cisco Systems reported revenue of $11.59 billion. The 38 analysts polled by S&P Capital IQ predicted revenue of $11.58 billion on the same basis. GAAP reported sales were 6.6% higher than the prior-year quarter's $10.87 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 $0.48. The 38 earnings estimates compiled by S&P Capital IQ predicted $0.47 per share. GAAP EPS of $0.40 for Q3 were 21% higher than the prior-year quarter's $0.33 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 61.9%, 50 basis points worse than the prior-year quarter. Operating margin was 23.9%, 240 basis points better than the prior-year quarter. Net margin was 18.7%, 210 basis points better than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $11.94 billion. On the bottom line, the average EPS estimate is $0.48.

Next year's average estimate for revenue is $46.26 billion. The average EPS estimate is $1.85.

Investor sentiment
The stock has a five-star rating (out of five) at Motley Fool CAPS, with 10,320 members out of 10,826 rating the stock outperform, and 508 members rating it underperform. Among 1,935 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 1,861 give Cisco Systems a green thumbs-up, and 74 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 $22.85.

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Seth Jayson had no position in any company mentioned here at the time of publication. You can view his stock holdings here. He is co-advisor of Motley Fool Hidden Gems, which provides new small-cap ideas every month, backed by a real-money portfolio. The Motley Fool owns shares of Cisco Systems. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.