Cisco Systems, Inc.
Cisco Q3 FY 2024 Results and Executive Changes
Summary
Cisco Systems, Inc. reported third quarter fiscal year 2024 results, showing a 13% year-over-year decrease in revenue to $12.7 billion. Non-GAAP net income was $3.6 billion or $0.88 per share, down 14% year-over-year. GAAP net income was $1.9 billion or $0.46 per share, down 41% year-over-year. The company also announced the departure of Jeff Sharritts, its Executive Vice President and Chief Customer and Partner Officer, and the appointment of Gary Steele as President, Go-to-Market, effective immediately. Cisco declared a quarterly dividend of $0.40 per common share for May 2024. The company provided guidance for the fourth quarter and full fiscal year 2024.
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About Cisco Systems, Inc.
Cisco Systems, Inc. is a global leader in networking and IT. The company's core business is to design and sell a range of technologies that power the internet. Cisco is renowned for its routers, switches, cybersecurity solutions, and wireless systems, which serve as the backbone for digital communication networks worldwide. The company's products and solutions are crucial for the seamless operation of data centers, enterprise networks, and telecommunication infrastructures. Cisco Systems, Inc. plays a pivotal role in connecting businesses, governments, and individuals across multiple sectors, fostering the growth of cloud computing, IoT (Internet of Things), and remote work capabilities. With a focus on innovation and sustainability, Cisco continuously develops new technologies to enhance network performance and security. Based in San Jose, California, and founded in 1984, Cisco is a respected pioneer in its field, significantly contributing to the digital transformation initiatives of organizations globally. Its expansive reach and comprehensive portfolio make it a fundamental entity in shaping how we connect and communicate.
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