Cisco Systems reported a 13% decline in Q3 revenue to $12.7bn, with a 19% drop in product revenue and a 6% increase in services revenue.
Cisco Systems reported a 13% decline in Q3 revenue to $12.7bn, partly due to a 19% drop in product revenue. However, its services revenue increased by 6.0%. Despite this decline, Cisco remains optimistic for the future and has issued upbeat guidance for the upcoming fiscal year. The company forecasts its revenue to be between $53.6bn and $53.8bn, with an estimated adjusted EPS of $3.71. Cisco also increased its quarterly dividend by 2.5% to $0.40 per share. The company's purchase of Splunk is expected to be a catalyst for further growth.
May 15, 2024
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