On August 14, 2024, Cisco Systems, Inc. (Cisco) released its fiscal fourth quarter and full-year 2024 financial results, ending July 27, 2024. The report highlighted a 10% year-over-year decrease in Q4 revenue, totaling $13.6 billion, and a 6% decrease in annual revenue, amounting to $53.8 billion. Despite the decline, Cisco's Q4 GAAP gross margin was 64.4%, and non-GAAP gross margin was 67.9%, marking the highest in 20 years. The company also reported a restructuring plan aimed at reducing its global workforce by 7%, which is expected to incur pre-tax charges of up to $1 billion. The restructuring charges are anticipated to be recognized primarily in the first quarter of fiscal 2025. Cisco's Q4 GAAP net income fell by 45% to $2.2 billion, with GAAP EPS decreasing by 44% to $0.54. Non-GAAP net income decreased...Show More

On August 14, 2024, Cisco Systems, Inc. (Cisco) released its fiscal fourth quarter and full-year 2024 financial results, ending July 27, 2024. The report highlighted a 10% year-over-year decrease in Q4 revenue, totaling $13.6 billion, and a 6% decrease in annual revenue, amounting to $53.8 billion. Despite the decline, Cisco's Q4 GAAP gross margin was 64.4%, and non-GAAP gross margin was 67.9%, marking the highest in 20 years. The company also reported a restructuring plan aimed at reducing its global workforce by 7%, which is expected to incur pre-tax charges of up to $1 billion. The restructuring charges are anticipated to be recognized primarily in the first quarter of fiscal 2025. Cisco's Q4 GAAP net income fell by 45% to $2.2 billion, with GAAP EPS decreasing by 44% to $0.54. Non-GAAP net income decreased by 25% to $3.5 billion, with non-GAAP EPS down by 24% to $0.87. The acquisition of Splunk contributed to the financial results, with a negative impact on GAAP and non-GAAP EPS. Cisco declared a quarterly dividend of $0.40 per share, payable on October 23, 2024. Looking forward, Cisco provided guidance for Q1 FY 2025 with expected revenue between $13.65 billion and $13.85 billion and non-GAAP EPS between $0.86 and $0.88. For the full fiscal year 2025, Cisco forecasts revenue between $55.0 billion and $56.2 billion, with non-GAAP EPS ranging from $3.52 to $3.58.