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Cisco Exceeds Q4 Expectations with 5.5% Stock Rise, Announces Job Cuts and 2025 Revenue Forecast
Aug 14, 2024, 08:11 PM
Cisco Systems Inc. reported its fourth-quarter earnings for fiscal year 2024, surpassing analysts' expectations. The company achieved an adjusted earnings per share (EPS) of $0.87, exceeding the estimated $0.85, and generated revenue of $13.64 billion, above the forecasted $13.51 billion. Despite a year-over-year decline in revenue, Cisco's gross margins remained strong, with a GAAP gross margin of 64.4% and a Non-GAAP gross margin of 67.9%. The company also reported a 14% increase in product orders year-over-year, with a 6% rise excluding Splunk. Looking ahead, Cisco provided a positive revenue forecast for the first quarter of fiscal year 2025, estimating revenue between $13.65 billion and $13.85 billion, and adjusted EPS between $0.86 and $0.88. However, Cisco announced plans to cut jobs as part of a strategic shift, anticipating pre-tax charges of up to $1 billion. The company's stock rose by 5.5% in after-hours trading following the Q4 FY 2024 earnings announcement.
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