On February 14, 2024, Cisco Systems, Inc. (Cisco) released its fiscal second quarter 2024 financial results, reporting a revenue of $12.8 billion, a 6% decrease year over year. The company's GAAP EPS was $0.65, down 3% from the previous year, while non-GAAP EPS was $0.87, a slight decrease of 1%. Despite the overall revenue decline, Cisco saw growth in its security, collaboration, and observability segments. The company also highlighted progress in its business model transformation, with software subscription revenue up 5% year over year and total annualized recurring revenue (ARR) increasing by 6% to $24.7 billion. Cisco's remaining performance obligations (RPO) stood at $35.7 billion, marking a 12% increase. Additionally, Cisco announced a 3% dividend increase to $0.40 per share. Alongside the financial results, Cisco unveiled a restructuring plan aimed at realigning the...Show More

On February 14, 2024, Cisco Systems, Inc. (Cisco) released its fiscal second quarter 2024 financial results, reporting a revenue of $12.8 billion, a 6% decrease year over year. The company's GAAP EPS was $0.65, down 3% from the previous year, while non-GAAP EPS was $0.87, a slight decrease of 1%. Despite the overall revenue decline, Cisco saw growth in its security, collaboration, and observability segments. The company also highlighted progress in its business model transformation, with software subscription revenue up 5% year over year and total annualized recurring revenue (ARR) increasing by 6% to $24.7 billion. Cisco's remaining performance obligations (RPO) stood at $35.7 billion, marking a 12% increase. Additionally, Cisco announced a 3% dividend increase to $0.40 per share. Alongside the financial results, Cisco unveiled a restructuring plan aimed at realigning the organization and investing in key priority areas, which will affect approximately 5% of its global workforce and result in pre-tax charges of approximately $800 million. The majority of these charges are expected to be recognized in the third quarter of fiscal 2024. Cisco provided guidance for the third quarter of fiscal 2024, with revenue projected between $12.1 billion and $12.3 billion and non-GAAP EPS between $0.84 and $0.86. For the full fiscal year 2024, the company expects revenue to be between $51.5 billion and $52.5 billion, with non-GAAP EPS ranging from $3.68 to $3.74.