Cisco reported a 10% year-over-year revenue drop in fiscal Q4

Cisco reported a 10% year-over-year revenue decline in its fiscal Q4, ending July 27, with the total revenue at $13.6 billion compared to $15.2 billion the previous year. This drop is primarily due to a 15% decrease in networking revenue, even though service revenue rose by 6% to $3.7 billion. The company also announced a workforce reduction of about 7% to streamline operations. CEO Chuck Robbins highlighted a 14% growth in total product orders and noted steady customer demand.

Cisco is restructuring by integrating its networking, security, and collaboration teams to enhance product innovation and customer experience. Despite challenges in networking, Cisco saw significant growth in security and observability sectors, partly driven by the acquisition of Splunk.

Source: Channel Futures