Technology

CISCO REPORTS FOURTH QUARTER AND FISCAL YEAR 2024 EARNINGS

Published

2 years ago

August 14, 2024

SAN JOSE, Calif., Aug. 14, 2024 /PRNewswire/ —

News Summary:

Product order growth of 14% year over year; up 6% excluding SplunkRevenue of $13.6 billion in Q4 FY 2024, above the high end of our guidance rangeStrong margins:Q4 FY 2024 GAAP gross margin of 64.4% and Non-GAAP gross margin of 67.9%FY 2024 GAAP gross margin of 64.7% and Non-GAAP gross margin of 67.5%, the highest in 20 yearsSolid growth in software and recurring metrics in FY 2024, enhanced by SplunkTotal subscription revenue of $27.4 billion including Splunk, representing 51% of total revenueTotal annualized recurring revenue (ARR) at $29.6 billion, including $4.3 billion from Splunk, up 22% year over yearTotal software revenue at $18.4 billion, up 9% year over year, with software subscription revenue of $16.4 billion, up 15% year over year, making up 89% of total software revenueQ4 FY 2024 Results:Revenue: $13.6 billionDecrease of 10% year over yearEarnings per Share: GAAP: $0.54; Non-GAAP: $0.87GAAP EPS decreased 44% year over yearNon-GAAP EPS decreased 24% year over yearFY 2024 Results:Revenue: $53.8 billion Decrease of 6% year over yearEarnings per Share: GAAP: $2.54; Non-GAAP: $3.73GAAP EPS decreased 17% year over yearNon-GAAP EPS decreased 4% year over yearQ1 FY 2025 Guidance: Revenue: $13.65 billion to $13.85 billionEarnings per Share: GAAP: $0.35 to $0.42; Non-GAAP: $0.86 to $0.88FY 2025 Guidance: Revenue: $55.0 billion to $56.2 billionEarnings per Share: GAAP: $1.93 to $2.05; Non-GAAP: $3.52 to $3.58

Cisco today reported fourth quarter and fiscal year results for the period ended July 27, 2024. Cisco reported fourth quarter revenue of $13.6 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.2 billion or $0.54 per share, and non-GAAP net income of $3.5 billion or $0.87 per share.

“We delivered a strong close to fiscal 2024,” said Chuck Robbins, chair and CEO of Cisco. “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.”

Q4 GAAP Results

Q4 FY 2024

Q4 FY 2023

Vs. Q4 FY 2023

Revenue

13.6 billion

15.2 billion

(10) %

Net Income

2.2 billion

4.0 billion

(45) %

Diluted Earnings per Share (EPS)

0.54

0.97

(44) %

The acquisition of Splunk, including financing costs, had a negative impact of $0.16 to GAAP EPS, for the fourth quarter of fiscal 2024.

Q4 Non-GAAP Results

Q4 FY 2024

Q4 FY 2023

Vs. Q4 FY 2023

Net Income

3.5 billion

4.7 billion

(25) %

EPS

0.87

1.14

(24) %

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

Fiscal Year GAAP Results

FY 2024

FY 2023

Vs. FY 2023

Revenue

53.8 billion

57.0 billion

(6) %

Net Income

10.3 billion

12.6 billion

(18) %

EPS

2.54

3.07

(17) %

The acquisition of Splunk, including financing costs, had a negative impact of $0.25 to GAAP EPS, for fiscal 2024.

Fiscal Year Non-GAAP Results

FY 2024

FY 2023

Vs. FY 2023

Net Income

15.2 billion

16.0 billion

(5) %

EPS

3.73

3.89

(4) %

The acquisition of Splunk, including financing costs, had a negative impact of $0.04 to Non-GAAP EPS, for fiscal 2024.

Reconciliations between net income, EPS, and other measures on a GAAP and non-GAAP basis are provided in the tables located in the section entitled “Reconciliations of GAAP to non-GAAP Measures.”

Cisco Declares Quarterly Dividend

Cisco has declared a quarterly dividend of $0.40 per common share to be paid on October 23, 2024, to all stockholders of record as of the close of business on October 2, 2024. Future dividends will be subject to Board approval.

Financial Summary

All comparative percentages are on a year-over-year basis unless otherwise noted.

Q4 FY 2024 Highlights

Revenue — Total revenue was $13.6 billion, down 10%, with product revenue down 15% and services revenue up 6%. Splunk contributed approximately $960 million of total revenue for the fourth quarter of fiscal 2024.

Revenue by geographic segment was: Americas down 11%, EMEA down 11%, and APJC down 6%. Product revenue performance reflected growth in Security up 81% and Observability up 41%. Networking was down 28%. Product revenue in Collaboration was flat. Security and Observability, excluding Splunk, grew 6% and 12%, respectively, in the fourth quarter of fiscal 2024.

Gross Margin — On a GAAP basis, total gross margin, product gross margin, and services gross margin were 64.4%, 63.0%, and 67.8%, respectively, as compared with 64.1%, 63.6%, and 65.7%, respectively, in the fourth quarter of fiscal 2023.

On a non-GAAP basis, total gross margin, product gross margin, and services gross margin were 67.9%, 67.0%, and 70.3%, respectively, as compared with 65.9%, 65.5%, and 67.5%, respectively, in the fourth quarter of fiscal 2023.

Total gross margins by geographic segment were: 67.7% for the Americas, 69.2% for EMEA and 66.4% for APJC.

Operating Expenses — On a GAAP basis, operating expenses were $6.2 billion, up 12%, and were 45.2% of revenue. Non-GAAP operating expenses were $4.8 billion, up 4%, and were 35.4% of revenue.

Operating Income — GAAP operating income was $2.6 billion, down 38%, with GAAP operating margin of 19.2%. Non-GAAP operating income was $4.4 billion, down 17%, with non-GAAP operating margin at 32.5%.

Provision for Income Taxes — The GAAP tax provision rate was 9.8%. The non-GAAP tax provision rate was 16.6%.

Net Income and EPS — On a GAAP basis, net income was $2.2 billion, a decrease of 45%, and EPS was $0.54, a decrease of 44%. On a non-GAAP basis, net income was $3.5 billion, a decrease of 25%, and EPS was $0.87, a decrease of 24%.

Cash Flow from Operating Activities — $3.7 billion for the fourth quarter of fiscal 2024, a decrease of 37% compared with $6.0 billion for the fourth quarter of fiscal 2023.

FY 2024 Highlights

Revenue — Total revenue was $53.8 billion, a decrease of 6%. Splunk contributed approximately $1.4 billion of total revenue for fiscal 2024.

Net Income and EPS — On a GAAP basis, net income was $10.3 billion, a decrease of 18%, and EPS was $2.54, a decrease of 17%. On a non-GAAP basis, net income was $15.2 billion, a decrease of 5% compared to fiscal 2023, and EPS was $3.73, a decrease of 4%.

Cash Flow from Operating Activities — $10.9 billion for fiscal 2024, a decrease of 45% compared with $19.9 billion for fiscal 2023.

Balance Sheet and Other Financial Highlights

Cash and Cash Equivalents and Investments — $17.9 billion at the end of the fourth quarter of fiscal 2024, compared with $18.8 billion at the end of the third quarter of fiscal 2024, and compared with $26.1 billion at the end of fiscal 2023.

Remaining Performance Obligations (RPO) — $41.0 billion, up 18% in total, with 51% of this amount to be recognized as revenue over the next 12 months. Product RPO were up 27% and services RPO were up 10%.

Deferred Revenue — $28.5 billion, up 11% in total, with deferred product revenue up 15%. Deferred service revenue was up 9%.

Capital Allocation — In the fourth quarter of fiscal 2024, we returned $3.6 billion to stockholders through share buybacks and dividends. We declared and paid a cash dividend of $0.40 per common share, or $1.6 billion, and repurchased approximately 43 million shares of common stock under our stock repurchase program at an average price of $46.80 per share for an aggregate purchase price of $2.0 billion. The remaining authorized amount for stock repurchases under the program is $5.2 billion with no termination date.

Guidance

Cisco estimates the following results for the first quarter of fiscal 2025:

Q1 FY 2025

Revenue

$13.65 billion – $13.85 billion

Non-GAAP gross margin

67% – 68%

Non-GAAP operating margin

32% – 33%

Non-GAAP EPS

$0.86 – $0.88

Cisco estimates that GAAP EPS will be $0.35 to $0.42 for the first quarter of fiscal 2025.

Cisco estimates the following results for fiscal 2025:

FY 2025

Revenue

$55.0 billion – $56.2 billion

Non-GAAP EPS

$3.52 – $3.58

Cisco estimates that GAAP EPS will be $1.93 to $2.05 for fiscal 2025.

Our Q1 FY 2025 and FY 2025 guidance assumes an effective tax provision rate of approximately 17% for GAAP and approximately 19% for non-GAAP results.

A reconciliation between the guidance on a GAAP and non-GAAP basis is provided in the tables entitled “GAAP to non-GAAP Guidance” located in the section entitled “Reconciliations of GAAP to non-GAAP Measures.”

Editor’s Notes:

Q4 fiscal year 2024 conference call to discuss Cisco’s results along with its guidance will be held on Wednesday, August 14, 2024 at 1:30 p.m. Pacific Time. Conference call number is 1-888-848-6507 (United States) or 1-212-519-0847 (international).
Conference call replay will be available from 4:00 p.m. Pacific Time, August 14, 2024 to 4:00 p.m. Pacific Time, August 20, 2024 at 1-866-510-4837 (United States) or 1-203-369-1943 (international). The replay will also be available via webcast on the Cisco Investor Relations website at https://investor.cisco.com.
Additional information regarding Cisco’s financials, as well as a webcast of the conference call with visuals designed to guide participants through the call, will be available at 1:30 p.m. Pacific Time, August 14, 2024. Text of the conference call’s prepared remarks will be available within 24 hours of completion of the call. The webcast will include both the prepared remarks and the question-and-answer session. This information, along with the GAAP to non-GAAP reconciliation information, will be available on the Cisco Investor Relations website at https://investor.cisco.com.

CISCO SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per-share amounts)

(Unaudited)

Three Months Ended

Fiscal Year Ended

July 27,
2024

July 29,
2023

July 27,
2024

July 29,
2023

REVENUE:

Product

$ 9,858

$ 11,650

$ 39,253

$ 43,142

Services

3,784

3,553

14,550

13,856

Total revenue

13,642

15,203

53,803

56,998

COST OF SALES:

Product

3,644

4,237

14,339

16,590

Services

1,217

1,218

4,636

4,655

Total cost of sales

4,861

5,455

18,975

21,245

GROSS MARGIN

8,781

9,748

34,828

35,753

OPERATING EXPENSES:

Research and development

2,179

1,953

7,983

7,551

Sales and marketing

2,841

2,579

10,364

9,880

General and administrative

763

690

2,813

2,478

Amortization of purchased intangible assets

268

698

282

Restructuring and other charges

112

203

789

531

Total operating expenses

6,163

5,495

22,647

20,722

OPERATING INCOME

2,618

4,253

12,181

15,031

Interest income

270

312

1,365

962

Interest expense

(418)

(111)

(1,006)

(427)

Other income (loss), net

(74)

(306)

(248)

Interest and other income (loss), net

(222)

218

287

INCOME BEFORE PROVISION FOR INCOME TAXES

2,396

4,471

12,234

15,318

Provision for income taxes

234

513

1,914

2,705

NET INCOME

$ 2,162

$ 3,958

$ 10,320

$ 12,613

Net income per share:

Basic

$ 0.54

$ 0.97

$ 2.55

$ 3.08

Diluted

$ 0.54

$ 0.97

$ 2.54

$ 3.07

Shares used in per-share calculation:

Basic

4,018

4,071

4,043

4,093

Diluted

4,035

4,093

4,062

4,105

CISCO SYSTEMS, INC.

REVENUE BY SEGMENT

(In millions, except percentages)

July 27, 2024

Three Months Ended

Fiscal Year Ended

Amount

Y/Y%

Amount

Y/Y%

Revenue:

Americas

$ 8,068

(11) %

$ 31,971

(4) %

EMEA

3,511

(11) %

14,117

(7) %

APJC

2,064

(6) %

7,716

(8) %

Total

$ 13,642

(10) %

$ 53,803

(6) %

Amounts may not sum and percentages may not recalculate due to rounding.

CISCO SYSTEMS, INC.

GROSS MARGIN PERCENTAGE BY SEGMENT

(In percentages)

July 27, 2024

Three Months Ended

Fiscal Year Ended

Gross Margin Percentage:

Americas

67.7 %

66.8 %

EMEA

69.2 %

69.1 %

APJC

66.4 %

67.2 %

CISCO SYSTEMS, INC.

REVENUE FOR GROUPS OF SIMILAR PRODUCTS AND SERVICES

(In millions, except percentages)

July 27, 2024

Three Months Ended

Fiscal Year Ended

Amount

Y/Y %

Amount

Y/Y %

Revenue:

Networking

$ 6,804

(28) %

$ 29,229

(15) %

Security

1,787

81 %

5,075

32 %

Collaboration

1,019

— %

4,113

2 %

Observability

248

41 %

837

27 %

Total Product

9,858

(15) %

39,253

(9) %

Services

3,784

6 %

14,550

5 %

Total

$ 13,642

(10) %

$ 53,803

(6) %

Security and Observability, excluding Splunk, grew 6% and 12%, respectively, in the fourth quarter of fiscal 2024, and 4% and 15%, respectively, for fiscal 2024.

Amounts may not sum and percentages may not recalculate due to rounding.

CISCO SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

July 27,
2024

July 29,
2023

ASSETS

Current assets:

Cash and cash equivalents

$ 7,508

$ 10,123

Investments

10,346

16,023

Accounts receivable, net of allowance

of $87 at July 27, 2024 and $85 at July 29, 2023

6,685

5,854

Inventories

3,373

3,644

Financing receivables, net

3,338

3,352

Other current assets

5,612

4,352

Total current assets

36,862

43,348

Property and equipment, net

2,090

2,085

Financing receivables, net

3,376

3,483

Goodwill

58,660

38,535

Purchased intangible assets, net

11,219

1,818

Deferred tax assets

6,262

6,576

Other assets

5,944

6,007

TOTAL ASSETS

$ 124,413

$ 101,852

LIABILITIES AND EQUITY

Current liabilities:

Short-term debt

$ 11,341

$ 1,733

Accounts payable

2,304

2,313

Income taxes payable

1,439

4,235

Accrued compensation

3,608

3,984

Deferred revenue

16,249

13,908

Other current liabilities

5,643

5,136

Total current liabilities

40,584

31,309

Long-term debt

19,621

6,658

Income taxes payable

3,985

5,756

Deferred revenue

12,226

11,642

Other long-term liabilities

2,540

2,134

Total liabilities

78,956

57,499

Total equity

45,457

44,353

TOTAL LIABILITIES AND EQUITY

$ 124,413

$ 101,852

CISCO SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Fiscal Year Ended

July 27,
2024

July 29,
2023

Cash flows from operating activities:

Net income

$ 10,320

$ 12,613

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation, amortization, and other

2,507

1,726

Share-based compensation expense

3,074

2,353

Provision for receivables

Deferred income taxes

(972)

(2,085)

(Gains) losses on divestitures, investments and other, net

215

206

Change in operating assets and liabilities, net of effects of acquisitions and divestitures:

Accounts receivable

(289)

734

Inventories

275

(1,069)

Financing receivables

1,102

Other assets

(671)

Accounts payable

(90)

Income taxes, net

(4,539)

1,218

Accrued compensation

(696)

651

Deferred revenue

1,220

2,326

Other liabilities

416

Net cash provided by operating activities

10,880

19,886

Cash flows from investing activities:

Purchases of investments

(4,230)

(10,871)

Proceeds from sales of investments

4,136

1,054

Proceeds from maturities of investments

6,367

5,978

Acquisitions, net of cash and cash equivalents acquired

(25,994)

(301)

Purchases of investments in privately held companies

(284)

(185)

Return of investments in privately held companies

202

Acquisition of property and equipment

(670)

(849)

Other

(5)

(23)

Net cash used in investing activities

(20,478)

(5,107)

Cash flows from financing activities:

Issuances of common stock

714

700

Repurchases of common stock – repurchase program

(5,787)

(4,293)

Shares repurchased for tax withholdings on vesting of restricted stock units

(992)

(597)

Short-term borrowings, original maturities of 90 days or less, net

478

(602)

Issuances of debt

31,818

—

Repayments of debt

(9,826)

(500)

Repayments of Splunk convertible debt, net

(3,140)

—

Dividends paid

(6,384)

(6,302)

Other

(37)

(32)

Net cash provided by (used in) financing activities

6,844

(11,626)

Effect of foreign currency exchange rate changes on cash, cash equivalents, restricted cash and restricted
cash equivalents

(31)

(105)

Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents

(2,785)

3,048

Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of fiscal year

11,627

8,579

Cash, cash equivalents, restricted cash and restricted cash equivalents, end of fiscal year

$ 8,842

$ 11,627

Supplemental cash flow information:

Cash paid for interest

$ 583

$ 376

Cash paid for income taxes, net

$ 7,426

$ 3,571

CISCO SYSTEMS, INC.

REMAINING PERFORMANCE OBLIGATIONS

(In millions, except percentages)

July 27, 2024

April 27, 2024

July 29, 2023

Amount

Y/Y %

Amount

Y/Y %

Amount

Y/Y %

Product

$ 20,055

27 %

$ 18,876

29 %

$ 15,802

12 %

Services

20,993

10 %

19,898

14 %

19,066

9 %

Total

$ 41,048

18 %

$ 38,774

21 %

$ 34,868

11 %

We expect 51% of total RPO at July 27, 2024 will be recognized as revenue over the next 12 months.

CISCO SYSTEMS, INC.

DEFERRED REVENUE

(In millions)

July 27,
2024

April 27,
2024

July 29,
2023

Deferred revenue:

Product

$ 13,219

$ 12,856

$ 11,505

Services

15,256

14,619

14,045

Total

$ 28,475

$ 27,475

$ 25,550

Reported as:

Current

$ 16,249

$ 15,751

$ 13,908

Noncurrent

12,226

11,724

11,642

Total

$ 28,475

$ 27,475

$ 25,550

CISCO SYSTEMS, INC.

DIVIDENDS PAID AND REPURCHASES OF COMMON STOCK

(In millions, except per-share amounts)

DIVIDENDS

STOCK REPURCHASE PROGRAM

TOTAL

Quarter Ended

Per Share

Amount

Weighted-
Average Price
per Share

Amount

Fiscal 2024

July 27, 2024

$ 0.40

$ 1,606

$ 46.80

$ 2,002

$ 3,608

April 27, 2024

$ 0.40

$ 1,615

$ 49.22

$ 1,256

$ 2,871

January 27, 2024

$ 0.39

$ 1,583

$ 49.54

$ 1,254

$ 2,837

October 28, 2023

$ 0.39

$ 1,580

$ 54.53

$ 1,252

$ 2,832

Fiscal 2023

July 29, 2023

$ 0.39

$ 1,589

$ 50.49

$ 1,254

$ 2,843

April 29, 2023

$ 0.39

$ 1,593

$ 49.45

$ 1,259

$ 2,852

January 28, 2023

$ 0.38

$ 1,560

$ 47.72

$ 1,256

$ 2,816

October 29, 2022

$ 0.38

$ 1,560

$ 43.76

$ 502

$ 2,062

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GAAP TO NON-GAAP NET INCOME

(In millions)

Three Months Ended

Fiscal Year Ended

July 27,
2024

July 29,
2023

July 27,
2024

July 29,
2023

GAAP net income

$ 2,162

$ 3,958

$ 10,320

$ 12,613

Adjustments to cost of sales:

Share-based compensation expense

133

103

514

396

Amortization of acquisition-related intangible assets

331

168

936

630

Acquisition-related/divestiture costs

Supplier component remediation charge (adjustment), net

—

(9)

—

(9)

Total adjustments to GAAP cost of sales

485

276

1,484

1,035

Adjustments to operating expenses:

Share-based compensation expense

660

520

2,537

1,951

Amortization of acquisition-related intangible assets

268

698

282

Acquisition-related/divestiture costs

297

700

241

Russia-Ukraine war costs

—

(7)

(12)

—

Significant asset impairments and restructurings

112

203

789

531

Total adjustments to GAAP operating expenses

1,337

849

4,712

3,005

Adjustments to interest and other income (loss), net:

Russia-Ukraine war costs

—

(Gains) and losses on investments

(32)

(55)

100

133

Total adjustments to GAAP interest and other income (loss), net

(55)

149

133

Total adjustments to GAAP income before provision for income
taxes

1,839

1,070

6,345

4,173

Income tax effect of non-GAAP adjustments

(315)

(215)

(1,360)

(838)

Significant tax matters

(155)

(133)

(155)

Total adjustments to GAAP provision for income taxes

(470)

(348)

(1,515)

(807)

Non-GAAP net income

$ 3,531

$ 4,680

$ 15,150

$ 15,979

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GAAP TO NON-GAAP EPS

Three Months Ended

Fiscal Year Ended

July 27,
2024

July 29,
2023

July 27,
2024

July 29,
2023

GAAP EPS

$ 0.54

$ 0.97

$ 2.54

$ 3.07

Adjustments to GAAP:

Share-based compensation expense

0.20

0.15

0.75

0.57

Amortization of acquisition-related intangible assets

0.15

0.06

0.40

0.22

Acquisition-related/divestiture costs

0.08

0.02

0.18

0.06

Russia-Ukraine war costs

0.01

—

0.01

—

Significant asset impairments and restructurings

0.03

0.05

0.19

0.13

(Gains) and losses on investments

(0.01)

0.02

0.03

Income tax effect of non-GAAP adjustments

(0.08)

(0.05)

(0.33)

(0.20)

Significant tax matters

(0.04)

(0.03)

(0.04)

0.01

Non-GAAP EPS

$ 0.87

$ 1.14

$ 3.73

$ 3.89

Amounts may not sum or recalculate due to rounding.

CISCO SYSTEMS, INC.

GAAP TO NON-GAAP EPS

IMPACT OF SPLUNK ACQUISITION, INCLUDING FINANCING COSTS

July 27, 2024

Three Months Ended

Fiscal Year Ended

GAAP EPS Impact

$ (0.16)

$ (0.25)

Amortization of acquisition-related intangible assets

0.09

0.14

Acquisition-related costs

0.06

0.11

Income tax effect of non-GAAP adjustments

(0.03)

(0.05)

Non-GAAP EPS Impact

$ (0.04)

Amounts may not sum due to rounding.

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME (LOSS), NET,
AND NET INCOME

(In millions, except percentages)

Three Months Ended

July 27, 2024

Product
Gross
Margin

Services
Gross
Margin

Total
Gross
Margin

Operating
Expenses

Y/Y

Operating
Income

Y/Y

Interest
and
other
income
(loss),
net

Net
Income

Y/Y

GAAP amount

$ 6,214

$ 2,567

$ 8,781

$ 6,163

12 %

$ 2,618

(38) %

$ (222)

$ 2,162

(45) %

% of revenue

63.0 %

67.8 %

64.4 %

45.2 %

19.2 %

(1.6) %

15.8 %

Adjustments to GAAP amounts:

Share-based compensation
expense

133

660

793

—

793

Amortization of acquisition-
related intangible assets

331

—

331

268

599

—

599

Acquisition/divestiture-related
costs

297

318

—

318

Russia-Ukraine war costs

—

Significant asset impairments
and restructurings

—

112

—

112

(Gains) and losses on
investments

—

(32)

Income tax effect/significant tax
matters

—

(470)

Non-GAAP amount

$ 6,607

$ 2,659

$ 9,266

$ 4,826

4 %

$ 4,440

(17) %

$ (205)

$ 3,531

(25) %

% of revenue

67.0 %

70.3 %

67.9 %

35.4 %

32.5 %

(1.5) %

25.9 %

Three Months Ended

July 29, 2023

Product
Gross
Margin

Services
Gross
Margin

Total
Gross
Margin

Operating
Expenses

Operating

Income

Interest
and
other
income
(loss),
net

Net

Income

GAAP amount

$ 7,413

$ 2,335

$ 9,748

$ 5,495

$ 4,253

$ 218

$ 3,958

% of revenue

63.6 %

65.7 %

64.1 %

36.1 %

28.0 %

1.4 %

26.0 %

Adjustments to GAAP amounts:

Share-based compensation expense

103

520

623

—

623

Amortization of acquisition-related intangible assets

168

—

168

238

—

238

Acquisition/divestiture-related costs

—

Russia-Ukraine war costs

—

(7)

—

(7)

Supplier component remediation charge (adjustment), net

(9)

—

(9)

—

(9)

—

(9)

Significant asset impairments and restructurings

—

203

—

203

(Gains) and losses on investments

—

(55)

Income tax effect/significant tax matters

—

(348)

Non-GAAP amount

$ 7,626

$ 2,398

$ 10,024

$ 4,646

$ 5,378

$ 163

$ 4,680

% of revenue

65.5 %

67.5 %

65.9 %

30.6 %

35.4 %

1.1 %

30.8 %

Amounts may not sum and percentages may not recalculate due to rounding.

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

GROSS MARGINS, OPERATING EXPENSES, OPERATING MARGINS, INTEREST AND OTHER INCOME (LOSS), NET,
AND NET INCOME

(In millions, except percentages)

Fiscal Year Ended

July 27, 2024

Product
Gross
Margin

Services
Gross
Margin

Total
Gross
Margin

Operating
Expenses

Y/Y

Operating
Income

Y/Y

Interest
and
other
income
(loss),
net

Net
Income

Y/Y

GAAP amount

$ 24,914

$ 9,914

$ 34,828

$ 22,647

9 %

$ 12,181

(19) %

$ 53

$ 10,320

(18) %

% of revenue

63.5 %

68.1 %

64.7 %

42.1 %

22.6 %

0.1 %

19.2 %

Adjustments to GAAP amounts:

Share-based compensation
expense

214

300

514

2,537

3,051

—

3,051

Amortization of acquisition-
related intangible assets

936

—

936

698

1,634

—

1,634

Acquisition/divestiture-related
costs

700

734

—

734

Russia-Ukraine war costs

—

(12)

Significant asset impairments and
restructurings

—

789

—

789

(Gains) and losses on investments

—

100

Income tax effect/significant tax
matters

—

(1,515)

Non-GAAP amount

$ 26,074

$ 10,238

$ 36,312

$ 17,935

1 %

$ 18,377

(4) %

$ 202

$ 15,150

(5) %

% of revenue

66.4 %

70.4 %

67.5 %

33.3 %

34.2 %

0.4 %

28.2 %

Fiscal Year Ended

July 29, 2023

Product
Gross
Margin

Services
Gross
Margin

Total
Gross
Margin

Operating
Expenses

Operating

Income

Interest
and
other
income
(loss),
net

Net

Income

GAAP amount

$ 26,552

$ 9,201

$ 35,753

$ 20,722

$ 15,031

$ 287

$ 12,613

% of revenue

61.5 %

66.4 %

62.7 %

36.4 %

26.4 %

0.5 %

22.1 %

Adjustments to GAAP amounts:

Share-based compensation expense

151

245

396

1,951

2,347

—

2,347

Amortization of acquisition-related intangible assets

630

—

630

282

912

—

912

Acquisition/divestiture-related costs

—

241

259

—

259

Supplier component remediation charge (adjustment),
net

(9)

—

(9)

—

(9)

—

(9)

Significant asset impairments and restructurings

—

531

—

531

(Gains) and losses on investments

—

133

Income tax effect/significant tax matters

—

(807)

Non-GAAP amount

$ 27,342

$ 9,446

$ 36,788

$ 17,717

$ 19,071

$ 420

$ 15,979

% of revenue

63.4 %

68.2 %

64.5 %

31.1 %

33.5 %

0.7 %

28.0 %

Amounts may not sum and percentages may not recalculate due to rounding.

CISCO SYSTEMS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES

EFFECTIVE TAX RATE

(In percentages)

Three Months Ended

Fiscal Year Ended

July 27,
2024

July 29,
2023

July 27,
2024

July 29,
2023

GAAP effective tax rate

9.8 %

11.5 %

15.6 %

17.7 %

Total adjustments to GAAP provision for income taxes

6.8 %

4.0 %

2.9 %

0.3 %

Non-GAAP effective tax rate

16.6 %

15.5 %

18.5 %

18.0 %

GAAP TO NON-GAAP GUIDANCE

Q1 FY 2025

Gross Margin

Operating Margin

Earnings per
Share (2)

GAAP

63.5% – 64.5%

14% – 15%

$0.35 – $0.42

Estimated adjustments for:

Share-based compensation expense

1.0 %

6.0 %

$0.16 – $0.17

Amortization of acquisition-related intangible assets and acquisition/divestiture-related
costs

2.5 %

6.5 %

$0.17 – $0.18

Significant asset impairments and restructurings(1)

—

5.5 %

$0.13 – $0.16

Non-GAAP

67% – 68%

32% – 33%

$0.86 – $0.88

FY 2025

Earnings per
Share (2)

GAAP

$1.93 – $2.05

Estimated adjustments for:

Share-based compensation expense

$0.74 – $0.76

Amortization of acquisition-related intangible assets and acquisition/divestiture-related costs

$0.60 – $0.62

Significant asset impairments and restructurings (1)

$0.19 – $0.21

Non-GAAP

$3.52 – $3.58

(1) On August 14, 2024, Cisco announced a restructuring plan to allow it to invest in key growth opportunities and drive more efficiencies in its business. In connection with this restructuring plan, Cisco currently estimates that it will recognize pre-tax charges of up to $1 billion consisting of severance and other one-time termination benefits, and other costs. Cisco expects to recognize approximately $700 million to $800 million of these charges in the first quarter of fiscal 2025 with the remaining amount expected to be recognized during the rest of the fiscal year.

(2) Estimated adjustments to GAAP earnings per share are shown after income tax effects.

Except as noted above, this guidance does not include the effects of any future acquisitions/divestitures, significant asset impairments and restructurings, significant litigation settlements and other contingencies, Russia–Ukraine war costs, gains and losses on investments, significant tax matters, or other items, which may or may not be significant.

Forward Looking Statements, Non-GAAP Information and Additional Information

This release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, statements regarding future events (such as our customers’ reliance on Cisco to connect and protect their organizations in the era of AI and our focus on growth and consistent execution as we invest in AI, cloud and cybersecurity, while maintaining capital returns) and the future financial performance of Cisco (including the guidance for Q1 FY 2025 and full year FY 2025) that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors, including: business and economic conditions and growth trends in the networking industry, our customer markets and various geographic regions; global economic conditions and uncertainties in the geopolitical environment; our development and use of artificial intelligence; overall information technology spending; the growth and evolution of the Internet and levels of capital spending on Internet-based systems; variations in customer demand for products and services, including sales to the service provider market, cloud, enterprise and other customer markets; the return on our investments in certain priorities, key growth areas, and in certain geographical locations, as well as maintaining leadership in Networking and services; the timing of orders and manufacturing and customer lead times; supply constraints; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; variability of component costs; variations in sales channels, product costs or mix of products sold; our ability to successfully acquire businesses and technologies and to successfully integrate and operate these acquired businesses and technologies; our ability to achieve expected benefits of our partnerships; increased competition in our product and services markets, including the data center market; dependence on the introduction and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks; product defects and returns; litigation involving patents, other intellectual property, antitrust, stockholder and other matters, and governmental investigations; our ability to achieve the benefits of restructurings and possible changes in the size and timing of related charges; cyber attacks, data breaches or other incidents; vulnerabilities and critical security defects; our ability to protect personal data; evolving regulatory uncertainty; terrorism; natural catastrophic events (including as a result of global climate change); any pandemic or epidemic; our ability to achieve the benefits anticipated from our investments in sales, engineering, service, marketing and manufacturing activities; our ability to recruit and retain key personnel; our ability to manage financial risk, and to manage expenses during economic downturns; risks related to the global nature of our operations, including our operations in emerging markets; currency fluctuations and other international factors; changes in provision for income taxes, including changes in tax laws and regulations or adverse outcomes resulting from examinations of our income tax returns; potential volatility in operating results; and other factors listed in Cisco’s most recent reports on Forms 10-Q and 10-K filed on May 21, 2024 and September 7, 2023, respectively. The financial information contained in this release should be read in conjunction with the consolidated financial statements and notes thereto included in Cisco’s most recent reports on Forms 10-Q and 10-K as each may be amended from time to time. Cisco’s results of operations for the three months and the year ended July 27, 2024 are not necessarily indicative of Cisco’s operating results for any future periods. Any projections in this release are based on limited information currently available to Cisco, which is subject to change. Although any such projections and the factors influencing them will likely change, Cisco will not necessarily update the information, since Cisco will only provide guidance at certain points during the year. Such information speaks only as of the date of this release.

This release includes non-GAAP net income, non-GAAP gross margins, non-GAAP operating expenses, non-GAAP operating income and margin, non-GAAP effective tax rates, non-GAAP interest and other income (loss), net, and non-GAAP net income per share data for the periods presented. It also includes future estimated ranges for gross margin, operating margin, tax provision rate and EPS on a non-GAAP basis.

These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles (GAAP) and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Cisco believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Cisco’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Cisco’s results of operations in conjunction with the corresponding GAAP measures.

Cisco believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations.

For its internal budgeting process, Cisco’s management uses financial statements that do not include, when applicable, share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related/divestiture costs, significant asset impairments and restructurings, significant litigation settlements and other contingencies, Russia–Ukraine war costs, gains and losses on investments, the income tax effects of the foregoing and significant tax matters. Cisco’s management also uses the foregoing non-GAAP measures, in addition to the corresponding GAAP measures, in reviewing the financial results of Cisco. In prior periods, Cisco has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. From time to time in the future there may be other items that Cisco may exclude for purposes of its internal budgeting process and in reviewing its financial results. For additional information on the items excluded by Cisco from one or more of its non-GAAP financial measures, refer to the Form 8-K regarding this release furnished today to the Securities and Exchange Commission.

Annualized recurring revenue represents the annualized revenue run-rate of active subscriptions, term licenses, operating leases and maintenance contracts at the end of a reporting period, net of rebates to customers and partners as well as certain other revenue adjustments. Includes both revenue recognized ratably as well as upfront on an annualized basis.

About Cisco

Cisco (Nasdaq: CSCO) is the worldwide technology leader that securely connects everything to make anything possible. Our purpose is to power an inclusive future for all by helping our customers reimagine their applications, power hybrid work, secure their enterprise, transform their infrastructure, and meet their sustainability goals. Discover more at newsroom.cisco.com and follow us on X at @Cisco.

Copyright © 2024 Cisco and/or its affiliates. All rights reserved. Cisco and the Cisco logo are trademarks or registered trademarks of Cisco and/or its affiliates in the U.S. and other countries. To view a list of Cisco trademarks, go to: www.cisco.com/go/trademarks. Third-party trademarks mentioned in this document are the property of their respective owners. The use of the word partner does not imply a partnership relationship between Cisco and any other company. This document is Cisco Public Information.

RSS Feed for Cisco: https://newsroom.cisco.com/rss-feeds

View original content to download multimedia:https://www.prnewswire.com/news-releases/cisco-reports-fourth-quarter-and-fiscal-year-2024-earnings-302222771.html

SOURCE Cisco Systems, Inc.

Technology

Best Accounting Software for Medium-Sized Business UK (2026): QuickBooks Advanced Recognised as a Scalable Finance Platform for UK Mid-Market Businesses by Consumer365

Published

1 day ago

May 9, 2026

NEW YORK, May 9, 2026 /PRNewswire/ — As demand for scalable financial tools grows, attention is shifting towards the best accounting software for medium-sized businesses in the UK in 2026, as organisations face increasingly complex accounting requirements. Consumer365 has recognised QuickBooks as a cloud-based platform supporting more structured financial management, reflecting a wider focus on improving automation, visibility, and compliance readiness.

Best Accounting Software for Medium-Sized Business UK

QuickBooks – developed as a cloud-based accounting platform, it enables medium-sized businesses to manage financial operations, automate core accounting processes, and maintain compliance with UK regulatory requirements.

Growing Demand for Scalable Financial Systems in the UK Mid-Market

Medium-sized businesses in the UK are operating in an environment where financial management is becoming increasingly complex. Growth introduces additional reporting layers, heightened regulatory expectations, and the need for consistent financial oversight across departments.

Traditional accounting methods are often no longer sufficient under these conditions. Spreadsheet-based systems and entry-level tools can struggle to deliver accurate, timely insights. This creates visibility gaps that can impact planning and decision-making.

QuickBooks has been identified within this context as a platform designed to support more structured financial management. Its positioning reflects a broader shift towards systems that centralise financial data and reduce fragmentation across business operations.

QuickBooks Positioned as a Scalable Financial Platform

QuickBooks operates as a cloud-based accounting system developed by Intuit. It is designed to support businesses that require more than basic bookkeeping functionality, focusing on helping organisations manage financial processes in a more connected and scalable way.

A key aspect of its design is the ability to consolidate financial information within a single system. This allows businesses to manage invoicing, expenses, reporting, and cash flow tracking without relying on multiple disconnected tools.

The platform is also structured to support growth. As businesses expand, financial operations often become more distributed across teams. QuickBooks enables multiple users to work within the same system while maintaining structured access controls, helping ensure consistency and oversight as complexity increases.

Financial Visibility, Automation, and Operational Control

One of the central functions of QuickBooks is improving financial visibility across business operations. Real-time data access allows organisations to monitor cash flow, expenses, and overall financial performance without waiting for end-of-period reporting cycles.

Automation plays a significant role in reducing manual workload. Financial processes such as invoicing, transaction categorisation, and expense tracking can be streamlined, reducing reliance on repetitive manual input and supporting more consistent financial records.

Operational control is reinforced through structured user permissions. Businesses can assign access levels based on roles, ensuring financial data is managed securely while still enabling collaboration across departments. This structure is particularly relevant for medium-sized organisations where multiple teams interact with financial systems.

Integration, Compliance, and System Connectivity

QuickBooks is designed to integrate with a range of business tools commonly used by UK organisations. These include payroll systems, customer relationship management platforms, and other operational software. This level of connectivity helps ensure that financial data remains consistent across systems.

Compliance is also a core part of the platform’s structure. UK businesses must meet specific regulatory requirements, including VAT reporting and Making Tax Digital standards. QuickBooks includes features that support these obligations within the system, reducing the need for manual compliance processes.

By aligning financial reporting with regulatory standards, the platform helps organisations maintain accurate records while reducing the administrative burden associated with tax and compliance requirements.

Operational Impact and Long-Term Financial Structure

As businesses grow, financial systems often become central to overall operational structure. Decisions related to hiring, investment, and expansion rely on access to accurate and timely financial data. Systems that lack integration or real-time visibility can slow decision-making and introduce inefficiencies.

QuickBooks supports a more structured approach by centralising financial information. This reduces fragmentation and helps ensure consistency across the organisation. It also supports continuity, minimising the need for frequent system changes as businesses scale.

The platform is designed to adapt to increasing complexity over time. As transaction volumes grow and reporting requirements expand, it remains stable while accommodating additional users and workflows.

This approach aligns with the needs of medium-sized businesses transitioning from smaller-scale operations to more advanced financial environments.

Market Context and Financial Management Trends

The recognition of QuickBooks reflects broader developments in financial technology adoption among UK medium-sized businesses. Organisations are increasingly prioritising systems that improve efficiency while reducing operational complexity.

Financial management is no longer limited to recordkeeping. It has become a core business function that influences strategic planning and overall performance. As a result, platforms that provide integrated financial oversight are becoming more relevant across a wide range of industries.

QuickBooks fits within this shift by offering a system that combines core accounting functionality with workflow automation and reporting capabilities. This supports businesses that require both day-to-day financial management and longer-term planning tools.

The emphasis on scalability also reflects changing expectations in the mid-market sector. Businesses are seeking platforms that can grow with them, rather than systems that need to be replaced as operational requirements evolve.

Conclusion

Consumer365 has recognised QuickBooks as a relevant financial platform for medium-sized businesses operating in the UK in 2026. The recognition highlights its focus on scalability, financial visibility, and structured operational control.

The platform is positioned to support organisations as they move beyond basic accounting systems and adopt more integrated financial management structures. Its emphasis on automation, compliance support, and system connectivity aligns with the operational needs of growing businesses.

As financial complexity continues to increase across the mid-market sector, tools that centralise financial data and support real-time decision-making are becoming more widely adopted. QuickBooks represents one of the platforms contributing to this shift towards more structured financial management approaches.

To read the full review, please visit the Consumer365 website.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Consumer365.org: Consumer365 provides consumer news and industry insights. As an affiliate, Consumer365 may earn commissions from sales generated using links provided.

Disclaimer

Where AI content is used: This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice.

General content disclaimer: This information is provided free of charge and is intended to be helpful to a wide range of businesses. Because of its general nature the information cannot be taken as comprehensive and they do not constitute and should never be used as a substitute for legal, accounting, tax or professional advice. Intuit cannot guarantee that the information applies to the individual circumstances of your business. Despite our best efforts it is possible that some information may be out of date.

Any reliance you place on information found on this site or linked to on other websites will be at your own risk. You should consider seeking the advice of independent advisers and should always check your decisions against your normal business methods and best practice in your field of business.

View original content:https://www.prnewswire.com/news-releases/best-accounting-software-for-medium-sized-business-uk-2026-quickbooks-advanced-recognised-as-a-scalable-finance-platform-for-uk-mid-market-businesses-by-consumer365-302766759.html

SOURCE Consumer365.org

Technology

BOE continues to launch new products and solutions in the field of high-end displays

Published

1 day ago

May 9, 2026

LOS ANGELES, May 9, 2026 /PRNewswire/ —

1、Redefine Visual Experience with Scientific Standards! BOE Releases Core Research Findings on OLED Display Clarity-Legibility Index, Paving the Way for the Industry’s First Transparent Pro Standard to Deliver Supreme Visual Experience

With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.

Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.

In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.

At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.

Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.

Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.

2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend

In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.

BNL & Visual Health

Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization，which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.

Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation. BOE takes the lead in integrating such optics into displays，achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.

Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.

Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.

SID 2026: BOE Launches New BNL Display Products

At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions，supported by 7 core BNL technologies， to deliver a healthy and comfortable visual experience.

As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association，and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.

View original content to download multimedia:https://www.prnewswire.com/news-releases/boe-continues-to-launch-new-products-and-solutions-in-the-field-of-high-end-displays-302767491.html

SOURCE BOE Technology Group Co., Ltd.

Technology

BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT

Published

1 day ago

May 9, 2026

LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.

While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.

According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.

This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.

BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.

The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.

The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.

View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html

SOURCE BitradeX Capital