Cisco Systems Inc. (NASDAQ: CSCO) on Wednesday announced results for the first quarter of 2024, reporting higher revenues and earnings. The company also provided guidance for the second quarter.
The San Jose-headquartered network gear maker said that earnings, excluding special items, rose to $1.11 per share in the October quarter from $0.86 per share in the same period of 2023. Unadjusted net income was $3.6 billion or $0.89 per share in Q1, compared to last year’s profit of $2.7 billion or $0.65 per share.
At $14.7 billion, first-quarter revenues were up 8% year-over-year. Total software revenue and software subscription revenue grew 13% year over year.
“We had a solid start to fiscal 2024 with the strongest Q1 results in our history on both revenue and profitability. We are confident in the foundational strength of our business and future growth opportunities fueled by AI, Security, Cloud, and Observability,” said Cisco’s CEO Chuck Robbins.