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Cisco Systems Inc, a multinational technology company, released their first quarter earnings report, and this is their strongest first quarter result in history. They earned $14.7 billion in revenue which is 8% higher than last year's first quarter earnings.

The company's press release provided some important details about the successful quarter.
According to a press release from Cisco Systems Inc, advancements in the business model transformation during the first quarter of fiscal year 2024 include notable increases in various key metrics. Total software revenue demonstrated a significant 13% year-over-year growth, accompanied by a corresponding 13% increase in software subscription revenue. The total annualized recurring revenue (ARR) reached $24.5 billion, marking a commendable 5% year-over-year rise, with product ARR experiencing an even more substantial growth at 10%.

CEO Chuck Robins shared his positive outlook for the future of the company.
According to Chuck Robins, chair and CEO of Cisco, "We had a solid start to fiscal 2024 with the strongest Q1 results in our history on both revenue and profitability. We are confident in the foundational strength of our business and future growth opportunities fueled by AI, Security, Cloud, and Observability."

CFO Scott Herren also echoed these sentiments about Cisco's performance.
According to Scott Herren, CFO of Cisco, "In Q1, we delivered revenue and EPS at the high end or above our guidance range, generating strong operating leverage. We also saw double-digit year-over-year growth in software revenue, product ARR and total RPO. After customers implement large amounts of recently shipped product, we expect to see product order growth rates accelerate in the second half of the year. We are committed to delivering operating leverage and increasing capital returns to our shareholders."

Despite these positive earnings reports, there was a notable decline in Cisco's stock after the earnings release.
According to an article from CNBC, Cisco's stock experienced a decline of up to 13% during after-hours trading on Wednesday November 15th following the release of a pessimistic outlook for both the ongoing quarter and the entire fiscal year by the networking hardware manufacturer. Throughout the quarter, there was a deceleration in new product orders, primarily attributed to clients being occupied with the installation and implementation of products following robust deliveries in the preceding three quarters, which contributed to the decline in Cisco's stock.