Cisco reports better-than-expected results even as revenue suffers steepest drop in 15 years
Publishing timestamp: 2024-05-15 19:09:09
Summary
Cisco reported a 13% drop in revenue for the fiscal third quarter, the steepest decline since 2009. However, the company delivered better-than-expected earnings and guidance. The acquisition of Splunk contributed $413 million in revenue. Cisco's stock rose as much as 8% in extended trading. The company's revenue declined by about 13% year over year, with net income falling 41%. Cisco completed its $28 billion acquisition of Splunk during the quarter, which lowered adjusted earnings per share but provided additional revenue. The company also raised its fiscal 2024 revenue guidance and narrowed its full-year adjusted earnings forecast. Cisco's CEO announced changes in leadership, with Gary Steele becoming the president of go-to-market and Jeff Sharritts leaving the company.
Sentiment: MIXED
Tickers: CSCO,
Keywords: breaking news: earnings, cisco systems inc, breaking news: technology, technology, business, business news, enterprise, earnings,
Source: https://www.cnbc.com/2024/05/15/cisco-csco-q3-earnings-report-2024.html