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Cisco raises full-year results forecast on AI-driven demand; shares rise
- Cisco reported earnings beating analysts' estimates for the quarter ended April 26, 2023, with revenue and profit exceeding expectations.
- The earnings beat followed 11% revenue growth driven by increased AI infrastructure orders and new product launches, while guidance considered tariffs impact.
- Cisco reported an 8% increase in networking revenue, reaching $7.07 billion, while revenue from security products surged 54% to $2.01 billion. The company also launched AI-driven customer service agents for Webex and unveiled new Ethernet switches featuring AMD Pensando data processing units.
- Cisco exceeded analyst expectations with adjusted earnings of 96 cents per share compared to the anticipated 92 cents, generating $14.15 billion in revenue. The company’s net income climbed to $2.49 billion, translating to earnings of 62 cents per share.
- Cisco’s guidance for fiscal 2025 projects earnings per share between 96 and 98 cents and revenue between $14.5 billion and $14.7 billion, suggesting continued growth despite tariff concerns.
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East Bay Times+2 Reposted by 2 other sources
Cisco shares gain on positive sales forecast as AI buoys demand
(Bloomberg/Dina Bass) — Cisco Systems Inc. shares rallied after the company issued a solid forecast for revenue in the current quarter, a sign the largest seller of networking gear is benefiting from demand for systems using artificial-intelligence technology. Sales in the period ending in July will be $14.5 billion to $14.7 billion, Cisco said in a statement Wednesday. Analysts polled by Bloomberg had predicted $14.5 billion on average. Profit,…
·Walnut Creek, United States
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Leaning Left5Leaning Right0Center19Last UpdatedBias Distribution79% Center
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C 79%
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