Cisco 2024 - FY25 Outlook
Cisco Announces Fourth Quarter and Fiscal Year 2024 Financial Results
Company Highlights
- Cisco has reached $1B of AI orders with webscale customers to-date, up from $800M reported in early-June.
- Cisco reported second quarter revenue of $12.8 billion and net income on a generally accepted accounting principles (GAAP) basis of $2.8 billion.
- Cisco has scheduled a conference call for Wednesday, November 15, 2023, at 1:30 PM PT to discuss the results.
Cisco Systems Inc. (CSCO), the world's largest maker of computer networking equipment, reported its fourth quarter and fiscal year results for the period ended July 27, 2024, today.
For the quarter, Cisco reported revenue of $12.8 billion, up 3% year-over-year. Net income on a GAAP basis was $2.8 billion, down 11% year-over-year.
For the full fiscal year, Cisco reported revenue of $51.1 billion, up 4% year-over-year. Net income on a GAAP basis was $11.2 billion, down 9% year-over-year.
Cisco's results were largely in line with analysts' expectations. The company's revenue growth was driven by strong demand for its networking and security products.
Cisco's net income was impacted by a number of factors, including the rising cost of components and the strengthening of the US dollar.
Despite the challenges, Cisco remains optimistic about the future. The company is investing heavily in new technologies, such as artificial intelligence (AI) and machine learning (ML), and it is confident that these investments will drive growth in the years to come.
Cisco's CEO, Chuck Robbins, said, "We are pleased with our performance in fiscal 2024. We delivered solid revenue growth and profitability, and we made significant progress in our strategic initiatives."
Robbins added, "We are confident that we are well-positioned for the future. We are investing in the technologies that will drive the next wave of growth, and we are committed to delivering value to our customers and shareholders."
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