Cisco Reports Strong Fourth Quarter and Fiscal Year 2023 Results
Key Highlights
Cisco today reported fourth quarter and fiscal year results for the period ended July 27, 2023. The company reported strong financial performance, with revenue and earnings exceeding analyst expectations. For the quarter, Cisco reported revenue of $13.6 billion, up 1% year-over-year. Net income was $3.2 billion, or $0.87 per share, up 4% year-over-year. For the fiscal year, Cisco reported revenue of $51.3 billion, up 2% year-over-year. Net income was $11.8 billion, or $3.08 per share, up 3% year-over-year.
Strong Demand for Cloud and Security Solutions
Cisco's strong performance was driven by continued demand for its cloud and security solutions. The company reported double-digit growth in both of these areas, as businesses continue to invest in digital transformation and cybersecurity. Cisco's cloud revenue grew 15% year-over-year, while its security revenue grew 12% year-over-year. The company also saw strong growth in its software and services businesses, which grew 7% year-over-year.
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