Supply chain improvements, AI demand propel Cisco earnings
Networking giant Cisco’s final quarter of fiscal 2023 was a surprising success, as an easing of the supply chain crisis enabled the company to fulfill back orders and increase quarterly revenue by 16% year over year, reaching a total of $15.2 billion.
Cisco’s said that total software-related revenue was up 17% year on year, and revenue from software subscription services rose 20%. That’s part of what the company refers to as its business model transformation, as slack overall demand for collaboration technology resulting from the easing of the pandemic creates the need for Cisco to target new types of business.
Net income for the quarter jumped 41% year over year to $4 billion.