Network gear maker Cisco Systems Inc. (NASDAQ: CSCO) on Wednesday announced financial results for the fourth quarter of 2024, reporting lower revenues and earnings. The bottom line, however, exceeded estimates.
The San Jose-headquartered tech firm posted adjusted earnings of $0.87 per share for the July quarter, compared to $1.14 per share in the same period of 2023. Earnings topped expectations.
Unadjusted net income was $2.2 billion or $0.54 per share in Q4, compared to last year’s profit of $4.0 billion or $0.97 per share. At $13.60 billion, fourth-quarter revenues were down 10% year-over-year.
“In our fourth quarter, we saw steady customer demand with order growth across the business as customers rely on Cisco to connect and protect all aspects of their organizations in the era of AI,” said Cisco’s CEO Chuck Robbins.