Cisco Systems Inc. held its second annual AI Summit this week, with a star-studded lineup of artificial intelligence celebrities. Unlike most vendor events, the Cisco AI Summit was designed to be a “meeting of the minds,” bringing together the “builders of the AI economy” to help the industry move past the hype and address the practical realities of a world being reshaped by AI.
Cisco Systems Inc. provided positive numbers in its fiscal fourth-quarter results Wednesday, and there’s a story behind those numbers. The networking giant posted a modest revenue beat of $13.64 billion, $100 million more than consensus estimates. Gross margin, boosted by the acquisition of Splunk Inc., came in at a whopping 67.5%, the highest number for Cisco in 20 years. Product order growth rose 14% year over year, 6% excluding Splunk.
The annual Cisco Live 2024, to be held June 2-6 in Las Vegas, will boast Elton John as the music artist performing at the Wednesday night celebration event, as well as seven-time Super Bowl champion Tom Brady and Formula 1 driver Oscar Piastri as special guests. However, while those names create exciting entertainment, the more than 20,000 attendees are there to learn the latest and greatest in Cisco Systems Inc. technology and innovation.
The day after Cisco Systems Inc. announced its third-quarter 2024 earnings, investors are wavering on the results, as the stock was falling 2% this morning, reversing a 5% jump after-hours Monday. The company reported revenue of $12.7 billion, down 13% year-over-year — 16% without Splunk — and $70 million ahead of consensus estimates. Gross margins remain best-in-class for an infrastructure vendor at 68.3%.
Networking giant Cisco Systems Inc. reported good news/bad news numbers in its fiscal first-quarter 2024 results this week, handily beating expectations but lowering its outlook. Revenue and earnings for the quarter were $14.67 billion and $1.11 per share, respectively, compared wth Street expectations of $14.61 billion and $1.03 per share. However, Cisco’s outlook was lower than expected.