The company said product revenue for fiscal 2023 rose $1.3 billion (35.3%) from 2022, and service revenue rose $165.4 million (24.9%). It cited increased shipments of its switching and routing products as the reason for the product revenue increase.

10-KAnnual reportFiled Feb 13, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said product revenue for fiscal 2023 rose $1.3 billion (35.3%) from 2022, and service revenue rose $165.4 million (24.9%). It cited increased shipments of its switching and routing products as the reason for the product revenue increase.
The company said its gross margin rose from 61.1% in fiscal 2022 to 61.9% in fiscal 2023. It said product margins improved due to a lower share of sales to large customers, while charges for excess and obsolete inventory increased.
The company said cash provided by operating activities was $2.0 billion in fiscal 2023, and net income was $2.1 billion. As of December 31, 2023, cash, cash equivalents and marketable securities totaled $5.0 billion, of which about $770.3 million was held by its foreign subsidiaries.
Microsoft and Meta Platforms accounted for 18% and 21%, respectively, of the company's total revenue in fiscal 2023, the company said. In fiscal 2022, their shares were 16% and 26%, respectively.

Key figures

Fiscal year ended December 31, 2023

Revenue: $5.9B
Operating income: $2.3B
Net income: $2.1B
EPS: $6.58
Gross profit: $3.6B
Operating cash flow: $2.0B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Product and service revenue rose in fiscal 2023

The company said product revenue for fiscal 2023 rose $1.3 billion (35.3%) from 2022, and service revenue rose $165.4 million (24.9%). It cited increased shipments of its switching and routing products as the reason for the product revenue increase.

Source · Based on the MD&A text of the filing

Gross margin 61.9%

The company said its gross margin rose from 61.1% in fiscal 2022 to 61.9% in fiscal 2023. It said product margins improved due to a lower share of sales to large customers, while charges for excess and obsolete inventory increased.

Source · Based on the MD&A text of the filing

Operating cash flow and cash balance

The company said cash provided by operating activities was $2.0 billion in fiscal 2023, and net income was $2.1 billion. As of December 31, 2023, cash, cash equivalents and marketable securities totaled $5.0 billion, of which about $770.3 million was held by its foreign subsidiaries.

Source · Based on the MD&A text of the filing

Microsoft and Meta revenue share

Microsoft and Meta Platforms accounted for 18% and 21%, respectively, of the company's total revenue in fiscal 2023, the company said. In fiscal 2022, their shares were 16% and 26%, respectively.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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