Cisco anticipates achieving revenue between $14.5 billion and $14.7 billion for the first quarter of fiscal 2024.
For the fiscal year 2024, Cisco aims for revenue from $57.0 billion to $58.2 billion. These projections follow the company’s revenue of $15.2 billion in the first quarter of fiscal 2023 and $56.998 billion throughout fiscal 2023.
In its recent fourth-quarter financial report, Cisco reported revenue of $15.2 billion– a 16 percent increase. The company’s net income for the same quarter stood at $4 billion.
Cisco’s Chairman and CEO, Chuck Robbins, acknowledged the company’s exceptional performance, labeling the past year as a milestone year.
Robbins highlighted the company’s record-breaking accomplishments in the full fiscal year and the fourth quarter. He said Cisco is witnessing robust customer demand, expanding its market share, and actively driving innovation in critical sectors such as AI, security, and cloud technology. Robbins expressed confidence in Cisco’s capability to capitalize on the numerous opportunities on the horizon.
The Americas experienced a remarkable 21 percent increase, while EMEA and APJC (Asia-Pacific, Japan, and China) reported growth rates of 10 percent and 7 percent respectively.
Cisco’s expansion strategy involved strategic acquisitions during the fourth quarter of fiscal 2023. Acquisitions included Lightspin Technologies, a cloud security software company specializing in safeguarding cloud environments.
Additionally, Smartlook, a company providing real-time digital experience and product analytics solutions, was acquired to enhance user engagement monitoring on websites and mobile applications. The acquisition of Armorblox, a company with expertise in Large Language Models and natural language understanding for cybersecurity, further bolsters Cisco’s cybersecurity endeavours.
The technology giant’s forward-looking projections and recent acquisitions highlight its commitment to staying at the forefront of technological advancements and innovation, promising an exciting year ahead for Cisco and its stakeholders.
