Cisco Systems Exceeds Expectations with Strong Q4 Results

In the latest quarter, leading networking-equipment company Cisco Systems delivered impressive performance, surpassing both revenue and earnings expectations. Here are the key details you need to know:

Revenue Surge

Cisco reported fourth-quarter revenue of $15.2 billion, a significant increase from the $13.1 billion recorded in the year-ago period. This exceeded analysts’ estimates of $15.05 billion.

Impressive Adjusted Earnings

The San Jose-based company’s adjusted earnings for the quarter were $1.14 per share, up from 83 cents per share in the previous year. Analysts had projected adjusted earnings of $1.06 per share.

Rise in Net Income

Cisco achieved a net income of $3.96 billion in this quarter, a notable rise from $2.82 billion in the same period last year. The FactSet consensus forecast for net income was $3.56 billion.

Future Outlook

For the first quarter of fiscal 2024, Cisco has provided guidance projecting revenue between $14.5 billion and $14.7 billion, with adjusted earnings per share in the range of $1.02 and $1.04. Looking further ahead, the company anticipates revenue between $57 billion and $58.2 billion for fiscal 2024, accompanied by adjusted earnings of $4.01 to $4.08 per share.

Positive Remarks by Chief Executive

Cisco’s Chief Executive, Chuck Robbins, expressed confidence in the company’s performance, stating, “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.”

In conclusion, Cisco Systems has demonstrated strong financial results in its most recent quarter, surpassing revenue and earnings expectations. With a positive outlook and a focus on innovation, the company remains well-positioned for future success.