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Cisco reports solid growth for the year

Cisco reports solid growth for the year

Cisco ended fiscal 2023 with Q4 revenue at $15.2 billion, up 16% year over year, and GAAP EPS at $0.97, up 43% year over year.

Total software revenue was up 17% year over year and software subscription revenue was up 20%.

The total annualised recurring revenue (ARR) was $24.3 billion, up 5% year over year, and product ARR was up 10%.

For the full year, ended July 29, 2023, the big channel player posted sales of $57 billion, an increase of 11% compared to last time, with earnings per share at $3.07 GAAP, a jump of 9%.

Full year net income went up 7% from $11.8 billion to $12.6 billion.

The guidance for the first quarter of this fiscal year was modest though, with predicted sales increasing from $14.5 billion to $14.7 billion.

"This past year was a milestone year for Cisco with record performance in both the full year and Q4," said Chuck Robbins, chair and CEO of Cisco. "We are seeing solid customer demand, gaining market share, and innovating in key areas like AI, security, and cloud. This momentum gives us confidence in our ability to capture the many opportunities ahead."