Summary by Moomoo AI
Cisco, a leading technology firm, reported a decline in its financial performance for the quarter ended April 27, 2024. The company's revenue fell by 13% year-over-year to $12.702 billion, with a notable decrease in product revenue by 19%. Service revenue, however, saw a 6% increase. The gross margin percentage improved slightly to 65.1%, up from 63.4% in the previous year. Operating income as a percentage of revenue suffered a significant drop of 9.9 percentage points, resulting in a 41% decrease in net income to $1.886 billion. Diluted earnings per share also declined by 41% to $0.46. Cisco's business development was marked by the acquisition of Splunk, contributing $413 million to the total revenue. The acquisition also influenced product revenue growth in Security by 36% and Observability by 27%. Despite the financial downturn...Show More