Cisco Systems Inc. (NASDAQ: CSCO) on Wednesday announced results for the fourth quarter of 2023, reporting higher revenues and earnings. The company also provided guidance for the first quarter of 2024.
The San Jose-headquartered network gear maker said that earnings, excluding special items, rose to $1.14 per share in the July quarter from $0.83 per share in the same period of 2022. Unadjusted net income was $4.0 billion or $0.97 per share, compared to last year’s profit of $2.8 billion or $0.68 per share.
At $15.2 billion, fourth-quarter revenues were up 16% year-over-year. The top line benefitted from strong contributions from the core Secure, Agile Networks division.
“We are seeing solid customer demand, gaining market share, and innovating in key areas like AI, security, and cloud. This momentum gives us confidence in our ability to capture the many opportunities ahead,” said Cisco’s CEO Chuck Robbins.
