Cisco has released its Q1 financial results for the fiscal year 2024, ending in October. Total revenue increased by 8% from the previous year to $14.668 billion, while net income, according to GAAP accounting, reached $3.638 billion.
The overall revenue from product sales saw a 9% increase, with the Service business revenue increasing by 4%. In particular, the revenue from the Americas region showed a remarkable growth of 14%. The Network product group experienced a 10% increase, while Security saw a 4% growth. Observability showed an impressive 21% increase, and Collaboration had a modest growth of 3%.
Scott Herren, Cisco’s CFO, mentioned that the software business had a double-digit revenue growth, both in ARR and RPO annually. With customers starting to deploy devices in various projects, it is expected that product deliveries will increase throughout the second half of the year.
In conclusion, Cisco’s Q1 financial report demonstrated notable revenue growth across multiple sectors and regions. The company’s focus on software solutions has yielded positive results, and with the ongoing deployment of devices by customers, Cisco anticipates further growth in product deliveries.
TLDR: Cisco reported an 8% increase in total revenue for Q1 2024, reaching $14.668 billion. The Americas region saw a significant revenue growth of 14%. The software business experienced a double-digit growth in ARR and RPO. Cisco expects an increase in product deliveries in the second half of the year as customers deploy devices in various projects. Overall, Cisco’s Q1 report showed promising revenue growth and a strong focus on software solutions.