Cisco reported revenue of $12.2 billion, GAAP net income of $2.6 billion or $0.62 per share, and non-GAAP net income of $3.4 billion or $0.80 per share, for its fourth fiscal quarter ended July 25, 2020.
The figure represents a 9% drop in revenue compared to a year earlier, the third straight quarterly drop. Earnings per share rose 22%. Product revenue was down 13% and service revenue was flat. Revenue by geographic segment was: Americas down 12%, EMEA down 6%, and APJC down 7%. Product revenue was led by growth in Security, up 10%. Infrastructure Platforms was down 16% and Applications was down 9%.
For FY2020 Cisco's otal revenue was $49.3 billion, a decrease of 5%.
"By the end of fiscal 2020, we achieved our goal of more than half of our revenue coming from software and services, and this strategy continues to resonate with customers as they digitize their organizations. Throughout fiscal 2020, Cisco has demonstrated operational resilience based on our strong customer relationships, solid financial foundation, and differentiated innovation," said Chuck Robbins, chairman and CEO of Cisco. "As we focus on the future, we are rebalancing our R&D investments to focus on new areas so we can continue to offer customers the best, most relevant technology in simpler, more easily consumable ways."
