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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.
Revenue by Segment
Revenue by Geographic Location
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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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