Cisco's revenue in the fourth quarter of fiscal year 2024 was US$13.642 billion, a year-on-year decrease of 10%, and net profit decreased by 45% year-on-year

Fourth fiscal quarter results summary:

Net profit:

In the fiscal quarter ended July 27, 2024, Cisco’s net profit was $2.2 billion, compared with the same period last year A decrease of 45% compared to US$4 billion. Cisco's fourth-quarter diluted earnings per share were 54 cents on a U.S. GAAP basis, down 44% from a year earlier. Cisco earned 97 cents per share.

Excluding certain one-time items, Cisco’s adjusted net profit in the fourth fiscal quarter was US$3.5 billion, a decrease of 25% compared with US$4.7 billion in the same period last year; adjusted earnings per share was US$0.87, compared with the previous year. It dropped 24% from $1.14 in the same period last year, but this performance still exceeded analysts' previous expectations.

Revenue:

Cisco’s fourth-quarter net revenue was US$13.642 billion, down 10% from US$15.203 billion in the same period last year, but this performance also exceeded analyst expectations.

Cisco product sales were $9.858 billion and services sales were $3.784 billion.

Divided by specific business units, Cisco's revenue from the network business in the third fiscal quarter was US$6.804 billion, the revenue from the security business was US$1.787 billion, and the revenue from the cooperation business was US$1.019 billion. "Observability" The business had revenue of $248 million.

By region, Cisco’s fourth fiscal quarter revenue from the Americas was US$8.068 billion, revenue from the EMEA (Europe, Middle East, and Africa) region was US$3.511 billion, and APJC (Asia Pacific, Japan, and Greater China) Region revenue was $2.064 billion.

Gross profit margin:

Cisco’s total gross profit margin, product gross profit margin and service gross profit margin in the fourth fiscal quarter were 64.4%, 63.0% and 67.8% respectively. Excluding certain one-time items, Cisco's adjusted total gross profit margin, product gross profit margin and service gross profit margin were 67.9%, 67.0% and 70.3% respectively in the fourth quarter.

Operation Expenses and Operating Profit:

Cisco’s total operating expenses in the fourth fiscal quarter were $6.163 billion, an increase of 12% from $5.495 billion in the same period last year, and accounted for 45.2% of revenue. Operating profit was $2.6 billion and operating margin was 19.2%. Excluding certain one-time items, Cisco's fiscal fourth-quarter adjusted operating profit was $4.4 billion, with an adjusted operating margin of 32.5%.

Cash flow, balance sheet and other financial information:

Cisco’s operating cash flow was US$3.7 billion, and as of the end of the fourth fiscal quarter, Cisco held cash, cash equivalents and investments with a total value of US$17.9 billion .

Cisco’s provision for income taxes in the fourth quarter was 9.8%, and its non-GAAP adjusted income tax rate was 16.6%.

Capital Return Plan:

Cisco declared and paid a cash dividend of $0.40 per common share for a total expense of $1.6 billion; and repurchased approximately 43 million shares of common stock for a total repurchase expense of $2 billion Dollar.

FY2024 Performance Summary:

Cisco’s fiscal 2024 net revenue was $53.8 billion, net income was $10.3 billion, and earnings per share were $2.54. Excluding certain one-time items, Cisco's fiscal 2024 adjusted net income was $15.2 billion, or $3.73 per share.

Performance Outlook:

Performance Outlook for the first fiscal quarter of fiscal year 2025:

Cisco expects that the company’s revenue in the first fiscal quarter of fiscal year 2025 will reach between US$13.65 billion and US$13.85 billion, per Diluted earnings per share will be between US$0.35 and US$0.42, and non-GAAP adjusted earnings per share will be between US$0.86 and US$0.88.

2025 fiscal year performance outlook:

Cisco expects that the company’s revenue in fiscal 2025 will reach between US$55 billion and US$56.2 billion, and diluted earnings per share will be between US$1.93 and US$2.05. GAAP earnings per share will be between $3.52 and $3.58.

Share price change:

Cisco shares rose $0.07, or 0.15%, to close at $45.44 in regular trading on the Nasdaq market. In after-hours trading, Cisco shares rose another $2.44, or 5.37%, to $47.88.

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