Cisco Projects Strong Revenue and Innovation Growth in Fiscal 2024

Cisco Systems, a global technology leader, has announced its revenue projections for the upcoming fiscal year, expressing optimism about its market performance and innovation initiatives.
Cisco booth at MWC 2018San Jose, CA-based Cisco anticipates achieving revenue between $14.5 billion and $14.7 billion for the first quarter of fiscal 2024. For the entire fiscal year 2024, Cisco aims for revenue in the range of $57.0 billion to $58.2 billion. These projections follow the company’s revenue of $15.2 billion in the first quarter of fiscal 2023 and $56.998 billion throughout fiscal 2023.

In its recent fourth-quarter financial report, Cisco showcased impressive figures, reporting revenue of $15.2 billion, marking a notable 16 percent increase. The company’s net income for the same quarter stood at $4.0 billion, equivalent to $0.97 per share. These strong numbers reflect the performance for the period ending on July 29, 2023.

Cisco is the global leader in the enterprise networking business.

CISCO REVENUE IN Q4 FISCAL 2023

Secure, Agile Networks $8,125 million (up 33 percent)
Internet for the Future $1,298 million (up 3 percent)
Collaboration $1,023 million (down 12 percent)
End-to-End Security $987 million (flat growth)
Optimized Application Experiences $214 million (up 15 percent)
Total Product $11,650 million (up 20 percent)
Services $3,553 million (up 4 percent)

Cisco’s Chairman and CEO, Chuck Robbins, acknowledged the company’s exceptional performance, labeling the past year as a milestone year.

Chuck Robbins highlighted the company’s record-breaking accomplishments in both the full fiscal year and the fourth quarter. He emphasized that Cisco is witnessing robust customer demand, expanding its market share, and actively driving innovation in critical sectors such as AI, security, and cloud technology. Robbins expressed confidence in Cisco’s capability to capitalize on the numerous opportunities on the horizon.

Regional revenue performance showcased growth across all segments. The Americas experienced a remarkable 21 percent increase, while EMEA and APJC (Asia-Pacific, Japan, and China) reported growth rates of 10 percent and 7 percent respectively.

Cisco’s expansion strategy also involved strategic acquisitions during the fourth quarter of fiscal 2023. Notable acquisitions include Lightspin Technologies, a cloud security software company specializing in safeguarding cloud environments.

Additionally, Smartlook, a company providing real-time digital experience and product analytics solutions, was acquired to enhance user engagement monitoring on websites and mobile applications. The acquisition of Armorblox, a company with expertise in Large Language Models and natural language understanding for cybersecurity, further bolsters Cisco’s cybersecurity endeavors.

The technology giant’s forward-looking projections and recent acquisitions highlight its commitment to staying at the forefront of technological advancements and innovation, promising an exciting year ahead for Cisco and its stakeholders.

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