Cisco Systems Inc. (NASDAQ: CSCO) on Wednesday announced financial results for the second quarter of 2024, reporting lower revenues and earnings. The numbers, however, exceeded Wall Street’s expectations.
The San Jose-headquartered network gear maker reported adjusted earnings of $0.87 per share for the January quarter, compared to $0.88 per share in the same period of 2023. Earnings topped expectations. Unadjusted net income was $2.63 billion or $0.65 per share in Q2, compared to last year’s profit of $2.77 billion or $0.67 per share.
At $12.79 billion, second-quarter revenues were down 6% year-over-year. Total software revenue was flat year over year, while software subscription revenue moved up 5%.
“We continue to align our investments to future growth opportunities. Our innovation sits at the center of an increasingly connected ecosystem and will play a critical role as our customers adopt AI and secure their organizations,” said Cisco’s CEO Chuck Robbins.