CISCO REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 EARNINGS

About this update from Cisco Systems, Inc.

[{"type":"text","content":"SAN JOSE, Calif., Aug. 14, 2024 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nNews Summary: \nProduct order growth of 14% year over year; up 6% excluding SplunkRevenue of $13.6 billion in Q4 FY 2024, above the high end of our guidance rangeStrong margins:Q4 FY 2024 GAAP gross margin of 64.4% and Non-GAAP gross margin of 67.9%FY 2024 GAAP gross margin of 64.7% and Non-GAAP gross margin of 67.5%, the highest in 20 yearsSolid growth in software and recurring metrics in FY 2024, enhanced by SplunkTotal subscription revenue of $27.4 billion including Splunk, representing 51% of total revenueTotal annualized recurring revenue (ARR) at $29.6 billion, including $4.3 billion from Splunk, up 22% year over yearTotal software revenue at $18.4 billion, up 9% year over year, with software subscription revenue of $16.4 billion, up 15% year over year, making up 89% of total software revenueQ4 FY 2024 Results:Revenue: $13.6 billionDecrease of 10% year over yearEarnings per Share: GAAP: $0.54; Non-GAAP: $0.87GAAP EPS decreased 44% year over yearNon-GAAP EPS decreased 24% year over yearFY 2024 Results:Revenue: $53.8 billion Decrease of 6% year over yearEarnings per Share: GAAP: $2.54; Non-GAAP: $3.73GAAP EPS decreased 17% year over yearNon-GAAP EPS decreased 4% year over yearQ1 FY 2025 Guidance: Revenue: $13.65 billion to $13.85 billionEarnings per Share: GAAP: $0.35 to $0.42; Non-GAAP: $0.86 to $0.88FY 2025 Guidance: Revenue: $55.0 billion to $56.2 billionEarnings per Share: GAAP: $1.93 to $2.05; Non-GAAP: $3.52 to $3.58Cisco today reported fourth quarter and fiscal year results for the period ended July 27, 2024. Cisco reported fourth quarter revenue of $13.6 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.2 billion or $0.54 per share, and non-GAAP net income of $3.5 billion or $0.87 per share.\n\"We delivered a strong close to fiscal 2024,\" said Chuck Robbins, chair and CEO of Cisco. \"In our fourth quarter, we saw steady customer demand with order growth across the business as customers rely on Cisco to connect and protect all aspects of their organizations in the era of AI.\"\n\"Revenue, gross margin and EPS in Q4 were at the high end or above our guidance range, demonstrating our operating discipline,\" said Scott Herren, CFO of Cisco. \"As we look to build on our performance, we remain laser focused on grow...

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