SAN FRANCISCO, Aug. 14 (Xinhua) -- U.S. networking giant Cisco System on Wednesday reported its fourth quarter and fiscal year 2024 results, with a quarterly revenue of 13.6 billion U.S. dollars, a 10 percent decrease year over year.

Of the total quarterly revenue for the period that ended on July 27, product revenue was down 15 percent and services revenue was up 6 percent.

Its quarterly net income on a generally accepted accounting principles (GAAP) basis was 2.2 billion dollars, or 0.54 dollars per share. GAAP EPS decreased 44 percent year over year. On a GAAP basis, net income decreased 45 percent.

Its quarterly non-GAAP net income was 3.5 billion dollars, or 0.87 dollars per share. Non-GAAP EPS decreased 24 percent year over year. On a Non-GAAP basis, net income decreased 25 percent.

The company's fiscal 2024 revenue was 53.8 billion dollars, a 6 percent decrease compared with fiscal 2023.

On a GAAP basis, its yearly net income was 10.3 billion dollars, a decrease of 18 percent.

The acquisition of Splunk, including financing costs, had a negative impact of 0.16 dollars to GAAP EPS, or 0.04 dollars to Non-GAAP EPS, for the fourth quarter of fiscal 2024.

"We delivered a strong close to fiscal 2024," said Chuck Robbins, Cisco chair and CEO. "In our fourth quarter, we saw steady customer demand with order growth across the business as customers rely on Cisco to connect and protect all aspects of their organizations in the era of AI."

"Revenue, gross margin and EPS in Q4 were at the high end or above our guidance range, demonstrating our operating discipline," said Scott Herren, CFO of Cisco. "As we look to build on our performance, we remain laser focused on growth and consistent execution as we invest to win in AI, cloud and cybersecurity, while maintaining capital returns." ■