The following is a summary of the Cisco Systems, Inc. (CSCO) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Cisco Systems reported Q3 total revenue of $12.7 billion, down 13% year-over-year. Total product revenue was $9 billion, down 19%, and service revenue was $3.7 billion, up 6%.

• Non-GAAP net income was $3.6 billion, down 14%, and non-GAAP earnings per share was $0.88, down 12%.

• The Q3 operating cash flow was $4 billion, down 24%.

• Cisco returned $2.9 billion to shareholders via share repurchases and dividends in Q3, with a total return of $8.5 billion year-to-date.

Business Progress:

• Cisco's third quarter marked the successful acquisition of Splunk which contributed over $4 billion in annualized recurring revenue.

• The company saw product order growth in two of its significant product portfolios - data center and campus switching - and also in security and collaboration product categories.

• Future growth in fiscal '25 is expected to be driven by the benefits from the acquisition of Splunk and the successful integration of their AI capabilities.

• The company plans to accelerate their AI efforts as a part of their strategy.

More details: Cisco IR

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