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%.
As usual, Cisco Systems Inc.‘s annual user conference, Cisco Live EMEA in Amsterdam, serves as a platform for the networking giant to release the latest innovations across many of its product lines. Although this event is considerably smaller than the U.S. Cisco Live, it’s important for the company as Europe, the Middle East and Africa is a highly diverse region spread out across 120 countries.
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.
Cisco Systems Inc. typically announces some new products at its annual reseller event, Partner Summit this week in Miami. But equally important are initiatives to enable its global ecosystem of partners to be more successful by directing them into emerging areas, since about 90% of its business flows through the channel.
It has been a busy few days this week at WebexOne in Anaheim, where Cisco Systems Inc. revealed a number of new products and solutions for its conferencing and collaboration unit, including devices powered by Nvidia Corp.’s artificial intelligence engine.