Cisco reports fourth quarter results: net profit of $4 billion and receipt of $500 million in AI orders

CTOnews.com, August 18, Cisco recently announced fourth-quarter results. Although Cisco has mixed forecasts for the full year of fiscal year 2024, Cisco shares are still higher in after-hours trading. Cisco CEO Chuck Robbins said in a statement announcing the results:

We have seen solid customer demand, increased market share, and innovation in key areas such as artificial intelligence, security and cloud services. This momentum gives us the confidence to seize many opportunities in the future.

Cisco's fourth-quarter results compiled by ▲ Touyuan The Motley Fool CTOnews.com noted from Cisco's fourth-quarter 2023 results that Cisco reported fourth-quarter net profit of $4 billion (CTOnews.com Note: currently about 29.2 billion yuan) and revenue of $15.2 billion, up from $13.1 billion in the same period last year (currently about 95.63 billion yuan).

Adjusted for stock compensation and other costs, Cisco's earnings per share were $1.14 (currently about 8.322 yuan), up from $0.83 in the same period last year (currently about 6.0589 yuan), while Cisco's full-year revenue increased by 11%. Reached $57 billion (currently about 416.1 billion yuan), the company's best performance in more than a decade.

S Scott Herren, Cisco's chief financial officer, said the backlog of orders before 2022 had played a role, saying it was "a record quarter in terms of revenue, net income, earnings per share, free cash flow and so on". He added that Cisco has received about $500 million (currently about 3.65 billion yuan) in AI orders to build artificial intelligence-related features in existing products.