Cisco ends fiscal 2023 with impressive numbers. The latest results for the past quarter and the full year show solid growth compared to the previous year.
In the last quarter of 2023, Cisco reported revenue of $15.2 billion, up 16% year over year. GAAP EPS was $0.97, an increase of 43% over the prior year. Non-GAAP EPS was $1.14, an increase of 37%. Non-GAAP income is an alternative accounting method for measuring a company’s earnings. These are pro forma figures that exclude “one-off” transactions such as organizational restructuring.
Of particular note is operating cash flow, which increased 62% to $6.0 billion last quarter.
The quarter’s results reflect progress in transforming the business model. Software revenue is up 17% year over year, with 20% growth in software subscriptions. Annual recurring revenue (ARR) is $24.3 billion, an increase of 5%. Outstanding performance obligations (RPO) increase 11% to $34.9 billion.
Projected results for the full fiscal year 2023 also show a positive development. Sales increase 11% to $57.0 billion. GAAP EPS is $3.07, an increase of 9%, while non-GAAP EPS reaches $3.89, an increase of 16%.
For fiscal 2024, Cisco expects revenue of $14.5 billion to $14.7 billion. EPS guidance is $0.79 to $0.84 (GAAP) and $1.02 to $1.04 (non-GAAP).
Cisco continues to show strength and focus on future growth and opportunities in the technology space.
