Wednesday, August 14th, 2024Markets continued to make gains today, following a favorable Consumer Price Index (CPI) report for July and a solidifying notion that a rate cut from the Fed is on the way at its September meeting. After some erratic jumping around today, the Dow closed +242 points, +0.61%, while the Nasdaq barely eked out a green finish: +5 points, +0.03%. The S&P 500 and small-cap Russell 2000 were mixed: +0.38% on the former, -0.46% on the latter.At +2.9%, July CPI year over year — the Inflati ...

Core Insights - Cisco Systems reported revenue of $13.64 billion for the quarter ended July 2024, a decrease of 10.3% year-over-year, with EPS at $0.87 compared to $1.14 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $13.52 billion by 0.90%, and EPS also surpassed the consensus estimate of $0.85 by 2.35% [1] Revenue Performance - Total Remaining Performance Obligations (RPO) stood at $41.05 billion, below the average estimate of $42.31 billion from two analysts [3] - Networking product revenue was $6.80 billion, slightly above the average estimate of $6.76 billion, but represented a year-over-year decline of 16.3% [4] - Observability product revenue reached $248 million, exceeding the estimated $243.65 million [5] - Services revenue was $3.78 billion, surpassing the average estimate of $3.73 billion, reflecting a year-over-year increase of 6.5% [6] - Security product revenue was $1.79 billion, significantly above the average estimate of $1.64 billion, marking an impressive year-over-year growth of 81.1% [7] - Overall product revenue totaled $9.86 billion, exceeding the average estimate of $9.66 billion, but showing a year-over-year decline of 15.4% [8] - Collaboration product revenue matched the estimate at $1.02 billion, with a slight year-over-year decrease of 0.4% [9] Gross Margin - Non-GAAP gross margin for services was $2.66 billion, above the average estimate of $2.55 billion [10] - Non-GAAP gross margin for products was $6.61 billion, exceeding the average estimate of $6.34 billion [11] Stock Performance - Cisco shares have returned -4.3% over the past month, compared to a -3.2% change in the Zacks S&P 500 composite [11] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [11]

Key TakeawaysCisco is cutting 7% of its workforce, months after revealing a 5% cut in February.The company's fiscal fourth-quarter results beat revenue and earnings expectations.The results were helped by Cisco's $28 billion acquisition of cybersecurity firm Splunk in March. Cisco Systems (CSCO) is cutting about 7% of its workforce as it pivots to higher-growth areas like cybersecurity and artificial intelligence (AI), the company announced in an SEC filing alongside its fiscal fourth-quarter results. The m ...

Cisco Systems (CSCO) came out with quarterly earnings of $0.87 per share, beating the Zacks Consensus Estimate of $0.85 per share. This compares to earnings of $1.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 2.35%. A quarter ago, it was expected that this seller of routers, switches, software and services would post earnings of $0.83 per share when it actually produced earnings of $0.88, delivering a surprise of 6.02%.Ov ...

About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Exhibit 99.1 Press Contact: Investor Relations Contact: Robyn Blum Sami Badri Cisco Cisco 1 (408) 930-8548 1 (469) 420-4834 rojenkin@cisco.com sambadri@cisco.com CISCO REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 EARNINGS News Summary: • Product order growth of 14% year over year; up 6% excluding Splunk • Revenue of $13.6 billion in Q4 FY 2024, above the high end of our guidance range • Strong margins: • Q4 FY 2024 GAAP gross margin of 64.4% and Non-GAAP gross margin of 67.9% • FY 2024 GAAP gross margin of 6 ...

Cisco shares popped 6% in extended trading on Wednesday after the networking company said it's cutting 7% of its global workforce and reported quarterly results that topped analysts' estimates.Here are the key numbers:Earnings: 87 cents per share, adjusted, vs. 85 cents per share estimate, adjusted, according to LSEG.Revenue: $13.64 billion vs. $13.54 billion estimate, according to LSEG.Cisco said in a filing that it's implementing a restructuring plan that will result in $1 billion in pre-tax charges to it ...

Cisco Systems, Inc. CSCO is expected to release earnings results for its fourth quarter, after the closing bell on Wednesday, Aug. 14.Analysts expect the San Jose, California-based company to report quarterly earnings at 85 cents per share, down from $1.08 per share in the year-ago period. Cisco is projected to post revenue of $13.54 billion, compared to $14.45 billion a year earlier, according to data from Benzinga Pro.According to a recent Reuters report, Cisco plans to lay off thousands of employees in a ...

Cisco (NASDAQ:CSCO) is among the large-cap tech stocks that investors may not necessarily pay as close attention to as, say, others in the so-called “Magnificent Seven.” However, the company is seeing significant attention today, with the latest round of Cisco layoffs reportedly set to be carried out soon.This latest round of layoffs will affect at least 4,000 employees. The company is expected to make the official announcement in its upcoming quarterly earnings report, which is due tomorrow.With many tech ...

Cisco Systems Inc CSCO is set to report its fourth-quarter earnings after market hours on Wednesday.Wall Street expects 85 cents in EPS and $13.54 billion in revenues as the company reportsLet’s look at what the charts indicate for Cisco stock, which is down 16.18% over the last year and 10.58% year-to-date. The share price of $45.06 is trading below its five-, 20- and 50-day exponential moving averages. This consistent positioning below key moving averages indicates significant selling pressure. Chart crea ...