On November 15th Eastern Time, American network equipment giant Cisco announced its first quarter results. According to the financial report, Cisco's revenue during the reporting period was $14.7 billion, a year-on-year increase of 8%, slightly higher than the $14.6 billion expected by Wall Street analysts. The adjusted EPS (earnings per share) for the first fiscal quarter was $1.11, higher than analysts' expectations of $1.03.
Source of Cisco's First Financial Quarter Report: Cisco's official website
In the first fiscal quarter, Cisco's product orders decreased by 20% year-on-year, with enterprise orders decreasing by 26% and service provider and cloud revenue decreasing by 32%. Public sector orders increased by 2%.
For the full fiscal year, Cisco currently expects revenue to be between $53.8 billion and $55 billion, lower than its previous forecast of $57 billion to $58 billion. The company expects an adjusted per share profit of $3.87 to $3.93 in 2024, lower than the previous forecast of $4.01 to $4.08 per share.
After the financial report was released, Cisco fell more than 13% after the market, and as of press release, Cisco fell 10.96% to $47.44 per share.
According to public sources, Cisco was founded in 1984 and is one of the world's leading network solution providers. In September of this year, Cisco announced its plan to acquire cybersecurity company Splunk for $28 billion. Reuters reported that this is the largest transaction in Cisco's history.