Cisco buoyed by software revenue, AI
Summary
Cisco CEO Chuck Robbins (pictured) touted the result of a shift to subscription-based software revenue, and new generative AI products and services, as he revealed fiscal Q4 2023 figures he claimed rounded out a milestone year. CFO Scott Herren used an earnings call to note 85 per cent of its software revenue was subscription based. “Service revenue was $3.6 billion up 4 per cent.” Robbins said Cisco “delivered on our operational and financial goals while accelerating our transformation” in fiscal 2023, which ended on 29 July. He said security remained one of the company’s top priorities going forward, while new generative AI products announced during fiscal Q4 position it “very well to build out the infrastructure that hyperscalers and others need to build AI/ML clusters”. “This is a huge opportunity for Cisco and we are laser-focused on leading and winning in this space.” Fiscal Q4 net income grew 36 per cent year-on-year to $4 billion and revenue 16 per cent to $15.2 billion.
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