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Cisco's fourth-quarter revenue of $13.4 billion net profit fell 42% year-on-year

via:新浪科技     time:2019/8/15 7:00:37     readed:93

Highlights of the fourth quarter fiscal year of FY 2019:

In the fiscal quarter ended July 27, 2019, according to US GAAP, Cisco's net profit was $2.2 billion, down 42% from $3.8 billion in the same period last year. According to US GAAP, Cisco's fourth-quarter earnings per share were 51 cents, a 37% decrease from the same period last year. In the fourth quarter of the 2018 fiscal year, Cisco's earnings per share were 81 cents.

Cisco's fourth-quarter net revenue (including SPVSS business) was $13.4 billion, up 5% from $12.8 billion in the same period last year. Excluding the SPVSS business, Cisco's fourth-quarter net revenue was $13.4 billion, up 6% from $12.6 billion in the same period last year.

Excluding certain one-time items (not in accordance with US GAAP), Cisco's adjusted fourth-quarter net profit was $3.6 billion, up 9% from $3.3 billion in the same period last year; adjusted earnings per share were $83 Points, up 19% from 70 cents in the same period last year, this performance exceeded analysts' previous expectations, and revenues were in line with expectations. According to a survey by financial information provider FactSet Research, analysts had expected Cisco's fourth-quarter earnings per share to be 81 cents and net revenues of $13.4 billion.

Cisco's fourth-quarter gross margin, product gross margin, and service gross margin were 63.9%, 62.9%, and 66.8%, compared with 61.7%, 60.2%, and 66.0%, respectively, in the same period last year. Not in accordance with US GAAP, Cisco's fourth-quarter adjusted gross profit margin, product gross margin, and service gross margin were 65.5%, 64.7%, and 67.9%, respectively, compared with 63.2% and 61.9% in the same period last year. 67.2%. Geographically, Cisco's fourth-quarter America region's gross margin was 66.8%, and EMEA (Europe, Middle East and Africa) region's gross margin was 65.2%, APJC (Asia Pacific, Japan and Greater China) regional business The interest rate is 60.8%.

Cisco's fourth-quarter total operating expenses were $4.884 billion, up from $4.576 billion in the same period last year. Among them, Cisco's fourth-quarter R&D expenditure was $1.753 billion, compared to $1.626 billion in the same period last year; sales and marketing expenses were $2.487 billion, compared to $2.348 billion in the same period last year; general and administrative expenses were $566 million, compared to 5.43 in the same period last year. Billions of dollars; amortization of intangible assets was $38 million, compared to $33 million in the same period last year; restructuring and other expenses were $40 million, compared to $26 million in the same period last year. Not in accordance with US GAAP, Cisco's fourth-quarter adjusted total operating expenses were $4.4 billion, up 4% year-on-year, and accounted for 32.8% of revenue.

Cisco's fourth-quarter operating profit was $3.7 billion, up 10% year-on-year, and operating margin was 27.5%. Not in accordance with US GAAP, Cisco's adjusted operating profit for the fourth quarter was $4.4 billion, an increase of 11% year-on-year, and the adjusted operating margin was 32.6%.

Cisco's fourth-quarter income tax rate is 40.4%, and the non-GAAP income tax rate is 18.8%. Cisco's deferred revenue was $18.5 billion, down 6% year-on-year. Among them, product deferred revenue decreased by 18% year-on-year, and service deferred revenue increased by 2% year-on-year.

In the fourth quarter of fiscal year 2019, Cisco's operating cash flow was $3.9 billion, a 4% decrease from the $4.1 billion in the fourth quarter of fiscal 2018. Throughout FY 2019, Cisco's operating cash flow was $15.8 billion, an increase of 16% compared to $13.7 billion in FY18. As of the end of the fourth quarter, Cisco held cash, cash equivalents and investments totaling $33.4 billion, compared to $34.6 billion at the end of the third fiscal quarter of FY 2019, as of the fourth quarter of FY 2018 The end was $46.5 billion.

In the fourth quarter of fiscal year 2019, Cisco returned a total of $6 billion in cash to shareholders through the repurchase of shares and the payment of dividends. During the quarter, Cisco announced and paid a cash dividend of $0.35 per common share for a total expenditure of $1.5 billion; repurchased approximately 82 million shares of common stock at an average repurchase price of $54.99 per share. $4.5 billion.

Cisco products in the fourth quarter of fiscal year 2019 (includingrouterSales, such as switches and switches, were $10.12 billion, up from $9.642 billion in the same period last year; service sales were $3,308 million, up from $3.202 billion in the same period last year.

In the product division, Cisco's fourth-quarter infrastructure platform business revenue was $7.876 billion, up 6% year-on-year; application business revenue was $1.487 billion, up 11% year-on-year; security business revenues It was US$714 million, up 14% year-on-year; other products business revenue was US$42 million, down 81% year-on-year.

Geographically, Cisco’s fourth-quarter revenue from the Americas was $8.129 billion, up 8% year-on-year; revenue from EMEA (Europe, Middle East, and Africa) was $3.297 billion, up 4% year-on-year; Revenues from APJC (Asia Pacific, Japan and Greater China) were $2.02 billion, down 5% year-on-year.

Annual performance highlights:

Cisco's FY2019 net revenue (including SPVSS business) was $51.9 billion, up 5% from $49.3 billion in FY18. Excluding the SPVSS business, Cisco's net revenue for fiscal year 2019 was $51.7 billion, an increase of 7% from $48.4 billion in the same period last year.

According to US GAAP, Cisco's net profit for fiscal year 2019 was $11.6 billion, compared to $100 million for fiscal year 2018; earnings per share were $2.61, compared to $0.02 for fiscal year 2018. Excluding certain one-time items (not in accordance with US GAAP), Cisco's FY 2019 net profit was $13.8 billion, an increase of 9% compared to $12.7 billion in FY18; earnings per share was $3.10, In the 2018 fiscal year, $2.59 increased by 20%.

Performance outlook:

Cisco expects first-quarter revenue in FY 2020 to grow 0% to 2% year-on-year, less than expected; gross profit margins that are not in accordance with US GAAP are 64% to 65%, and operating margins are not in accordance with US GAAP From 32% to 33%, the non-compliance with US GAAP is 20%, and the non-GAAP earnings per share are US$0.80 to US$0.82, with a value of US$0.81, which is less than analysts' expectations. According to FactSet, a financial information provider, analysts expect Cisco's first-quarter earnings per share to be $0.83, and revenue to grow around 2.5%.

Cisco also expects earnings per share in accordance with US GAAP for the first fiscal quarter of 2020 to reach $0.64 to $0.69.

Stock price response:

On the same day, Cisco shares fell 2.11 US dollars in the Nasdaq regular trading, to close at 50.61 US dollars, a decrease of 4.00%. In the after-hours trading as of 4:40 pm ET (4:40 am on Thursday, Beijing time), Cisco's share price fell again by $3.35 to $47.26, a decrease of 6.62%. In the past 52 weeks, Cisco's highest price was $58.26 and the lowest price was $40.25.

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