Summary by Moomoo AI
Cisco, a leading technology firm, reported a decline in its financial performance for the quarter ended October 26, 2024, compared to the same period in the previous year. The company's revenue fell by 6% to $13.841 billion, while net income dropped by 25% to $2.711 billion. Diluted earnings per share also decreased by 24% to $0.68. Despite a decrease in total revenue, Cisco saw a 0.7 percentage point increase in gross margin to 65.9%. Research and development expenses rose by 19%, and sales and marketing expenses increased by 10%. Operating income as a percentage of revenue saw a significant decline of 12.2 percentage points to 17.0%. The company attributed the revenue decrease to normalization in product demand and highlighted a 24% increase in total software revenue, driven by the contribution of Splunk. Cisco's...Show More
