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Oct 28, 2023
Cisco Q1 2024 Earnings Report
Cisco reported its strongest first quarter results in history, driven by investments in AI, Security, Cloud, and Observability.
Key Takeaways
Cisco reported a strong start to fiscal year 2024 with record Q1 results. Revenue reached $14.7 billion, an 8% increase year-over-year, with GAAP EPS at $0.89 and Non-GAAP EPS at $1.11. The company is confident in future growth opportunities fueled by AI, Security, Cloud, and Observability.
Revenue was $14.7 billion, up 8% year over year.
GAAP EPS was $0.89, up 37% year over year.
Non-GAAP EPS was $1.11, up 29% year over year.
Total annualized recurring revenue (ARR) at $24.5 billion, up 5% year over year.
Cisco
Cisco
Cisco Revenue by Segment
Cisco Revenue by Geographic Location
Revenue by Segment
Networking Revenue
CapyFin.comSecurity Revenue
CapyFin.comCollaboration Revenue
CapyFin.comObservability Revenue
CapyFin.comServices Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPJC Revenue
CapyFin.com Forward Guidance
Cisco provided guidance for Q2 FY 2024 with revenue expected to be in the range of $12.6 billion to $12.8 billion and non-GAAP EPS between $0.82 and $0.84. For fiscal year 2024, revenue is projected to be between $53.8 billion and $55.0 billion, with non-GAAP EPS in the range of $3.87 to $3.93.
Positive Outlook
- Revenue: $12.6 billion - $12.8 billion (Q2 FY 2024)
- Non-GAAP gross margin rate: 65% – 66% (Q2 FY 2024)
- Non-GAAP operating margin rate: 31.5% – 32.5% (Q2 FY 2024)
- Non-GAAP EPS: $0.82 – $0.84 (Q2 FY 2024)
- Revenue: $53.8 billion - $55.0 billion (FY 2024)
Challenges Ahead
- GAAP EPS: $0.59 - $0.64 (Q2 FY 2024)
- Cisco saw a slowdown of new product orders in the first quarter of fiscal 2024
- Customers are currently focused on installing and implementing products
- One to two quarters of shipped product orders still waiting to be implemented
- GAAP EPS will be $2.97 to $3.08 (FY 2024)
Revenue & Expenses
Visualization of income flow from segment revenue to net income