Cisco Reports Strong Earnings, Beats Analyst Expectations

Revenue and Net Income Increase Year-Over-Year

Cisco Systems, Inc. (NASDAQ: CSCO) reported its financial results for the fourth quarter and fiscal year 2023 on Wednesday that topped analysts' estimates. The networking giant reported a 7% annualized growth in revenue that printed at $13.58 billion in Q4 versus the analysts' forecast of $13.41 billion.

Cisco valued its net income in the recent quarter at $3.04 billion that translates to $0.79 per share – both figures exceeded the Street's estimates.

Other Key Figures

Other notable figures in the earnings report include a 14% year-over-year growth in product revenue and a 10% increase in recurring revenue.

Cisco reported a 13% annual growth in the Americas and a 3% growth in Europe, the Middle East, and Africa. However, it saw a 2% annualised decline in revenue from China.

The company's board declared a quarterly cash dividend of $0.39 per share, in line with last year.

CEO's Comments

Commenting on the financial update, CEO Chuck Robbins said: "We closed out Fiscal 2023 with a strong quarter. Our focus on innovation in key technology areas and our ability to execute in an uncertain environment drove differentiated financial performance."

Outlook

For the fiscal first quarter of 2024, Cisco forecasts its revenue to fall in the range of $13.1 billion to $13.5 billion.