Cisco Systems, Inc. - CSCO STOCK NEWS

Cisco announced its participation in the J.P. Morgan Global Technology, Media and Communications Conference on May 20, 2024. The session, featuring Scott Herren, EVP and Chief Financial Officer, will be webcast live at 11:50 a.m. PT / 1:50 p.m. ET. The conference will be moderated by Samik Chatterjee, Executive Director at J.P. Morgan. Interested parties can register and view the event on Cisco's Investor Relations website. Notably, no new financial information will be disclosed during the conference call.

Cisco reported a Q3 FY 2024 revenue of $12.7 billion, down 13% YoY, aligning with expectations. The GAAP gross margin was 65.1%, while the non-GAAP gross margin was 68.3%. The company’s business model transformation was bolstered by the Splunk acquisition, contributing $413 million to revenue. Subscription revenue, including Splunk, was $6.9 billion, making up 54% of total revenue. Additionally, the annualized recurring revenue (ARR) reached $29.2 billion, a 22% increase YoY. However, GAAP EPS decreased by 41% to $0.46, and non-GAAP EPS fell by 12% to $0.88, reflecting a minor negative impact from the Splunk acquisition.

For Q4 FY 2024, Cisco projects revenue between $13.4 billion and $13.6 billion, with GAAP EPS ranging from $0.46 to $0.51 and non-GAAP EPS between $0.84 and $0.86.

Ying Ying Yang moved from China to Australia and faced a language barrier, having studied Russian instead of English. She enrolled in an IT Certificate course at TAFE New South Wales and excelled, despite initial doubts. She then pursued further studies, including courses from the Cisco Networking Academy, obtaining CCNA and CCNP certifications. Inspired by her own teacher, Ying Ying became an instructor and now encourages students to explore various IT fields. She also volunteers to train refugees using Cisco's resources. Ying Ying values the opportunities in Australia and inspires her students by sharing her journey and experiences.

Cisco has introduced AI-powered enhancements to its self-hosted observability offerings, enabling automated anomaly detection, root cause analysis, and application security. The new virtual appliance for AppDynamics On-Premises provides customers with greater control over their observability deployment while benefiting from AI-driven intelligence. The company also offers a new licensing model, AppDynamics Flex, allowing customers to choose between self-hosted and SaaS observability solutions to meet their business needs.

Cisco, along with the NIIT Foundation, has launched Cyber Suraksha in India to raise awareness about cybersecurity and provide training programs. The initiative aims to impact one million individuals over three years, offering courses for different age groups targeted at personal security, career exploration, and employability in cybersecurity. The program has already trained 500,000 individuals and placed over 3,300 youth in cybersecurity jobs, with 42% of participants being female.

Cisco has scheduled a conference call to announce its third quarter fiscal year 2024 financial results on May 15, 2024. The call will provide insights into the company's performance for the period ending April 27, 2024, and will be available for both national and international participants.

Cisco announced new industry-shaping innovations across the Cisco Security Cloud to enhance security in the digital landscape. With the industry's first AI-native security architecture, customers can now protect against known and unknown attacks using Cisco Hypershield. The integration of Cisco and Splunk offers powerful tools for the Security Operations Center (SOC) of the future, enabling organizations to detect, respond, and recover faster from incidents. Cisco is revolutionizing security by building natively with AI, challenging traditional conventions to outpace attackers. The company is helping customers defend against the entire attack chain and delivering frictionless user protection with Continuous Identity Security.