Summary by Moomoo AI
Cisco, a global leader in networking technology, reported a decrease in total revenue by 6% year-over-year, with fiscal 2024 revenue at $53.8 billion compared to $57 billion in fiscal 2023. The company's net income also declined by 18% to $10.3 billion. Despite the revenue decline, Cisco's gross margin percentage improved by 2 percentage points to 64.7%, attributed to favorable product mix and productivity benefits, partially offset by pricing impacts. The acquisition of Splunk Inc. contributed approximately $1.4 billion to the total revenue, with product revenue decreasing by 9% and services revenue increasing by 5%. Cisco's diluted earnings per share fell by 17% to $2.54. The company's stock repurchase program has a remaining authorized amount of approximately $5.2 billion with no termination date. Cisco's business development saw the integration of artificial intelligence across its product portfolios and the acquisition of Splunk, enhancing its offerings in networking, security, collaboration, and observability. Looking ahead, Cisco plans to continue investing in key priority areas to drive profitable growth over the long term, despite a challenging macroeconomic environment.
