Wed, Aug 14, 8:19 PM (153 days ago)
On August 14, 2024, Cisco Systems, Inc. reported its fiscal fourth quarter and year-end results for 2024, concluding on July 27, 2024. The company outlined its operational performance alongside non-GAAP financial metrics, emphasizing net income, gross margins, and operating expenses, while excluding certain non-cash items such as share-based compensation and acquisition-related costs. Cisco also announced a restructuring plan impacting approximately 7% of its global workforce, with anticipated pre-tax charges of up to $1 billion, primarily cash-based, expected to be recognized in fiscal 2025. This strategic move aims to enhance efficiencies and focus on key growth areas. The restructuring costs are projected to be around $700 million to $800 million in Q1 of fiscal 2025. Cisco's financial reporting adheres to SEC regulations, and forward-looking statements regarding restructuring outcomes are subject to risks and uncertainties. The full results are detailed in the accompanying press release (Exhibit 99.1).