CISCO REPORTS FOURTH QUARTER AND FISCAL YEAR 2023 EARNINGS

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[{"type":"text","content":"SAN JOSE, Calif., Aug. 16, 2023 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nNews Summary:\nCisco ended fiscal 2023 with Q4 revenue at $15.2 billion, up 16% year over year; GAAP EPS $0.97, up 43% year over year, and Non-GAAP EPS $1.14, up 37% year over yearQ4 FY 2023 operating cash flow of $6.0 billion, up 62% year over yearProgress on business model transformation in Q4 FY 2023:Total software revenue up 17% year over year and software subscription revenue up 20% year over yearTotal annualized recurring revenue (ARR) at $24.3 billion, up 5% year over year and product ARR up 10% year over yearRemaining performance obligations (RPO) at $34.9 billion, up 11% year over year and product RPO up 12% year over yearQ4 FY 2023 Results:Revenue: $15.2 billionIncrease of 16% year over yearEarnings per Share: GAAP: $0.97; Non-GAAP: $1.14GAAP EPS increased 43% year over yearNon-GAAP EPS increased 37% year over yearFY 2023 Results:Revenue: $57.0 billion Increase of 11% year over yearEarnings per Share: GAAP: $3.07; Non-GAAP: $3.89GAAP EPS increased 9% year over yearNon-GAAP EPS increased 16% year over yearQ1 FY 2024 Guidance: Revenue: $14.5 billion to $14.7 billionEarnings per Share: GAAP: $0.79 to $0.84; Non-GAAP: $1.02 to $1.04FY 2024 Guidance: Revenue: $57.0 billion to $58.2 billionEarnings per Share: GAAP: $3.19 to $3.32; Non-GAAP: $4.01 to $4.08Cisco today reported fourth quarter and fiscal year results for the period ended July 29, 2023. Cisco reported fourth quarter revenue of $15.2 billion, net income on a generally accepted accounting principles (GAAP) basis of $4.0 billion or $0.97 per share, and non-GAAP net income of $4.7 billion or $1.14 per share.\n\"This past year was a milestone year for Cisco with record performance in both the full year and Q4,\" said Chuck Robbins, chair and CEO of Cisco. \"We are seeing solid customer demand, gaining market share, and innovating in key areas like AI, security, and cloud. This momentum gives us confidence in our ability to capture the many opportunities ahead.\"\n\"We delivered double-digit growth in revenue and EPS, generating strong operating leverage in Q4,\" said Scott Herren, CFO of Cisco. \"Our business model transformation drove double-digit growth in software revenue, product ARR and total RPO, leading to greater visibility and predictability. We are committed to expanding operating leve...

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