Cisco reports better-than-expected results even as revenue suffers steepest drop in 15 years

Cisco reported a 13% drop in revenue for the fiscal third quarter, marking its steepest decline since 2009, yet surpassed Wall Street's earnings and revenue expectations. Despite the revenue fall, the company benefited from its $28 billion acquisition of Splunk, which contributed $413 million. Cisco also raised its fiscal 2024 revenue guidance and slightly adjusted its full-year earnings forecast.