Cisco Shares Rise 5% Following Fiscal First-Quarter Earnings and Revenue Beat
Cisco Systems (CSCO) reported fiscal first-quarter results that exceeded analyst expectations, with adjusted earnings per share reaching $1.40 against an expected $1.33. Total revenue climbed 24% year-over-year to $18.5 billion, surpassing the LSEG consensus estimate of $18.1 billion. Net income also saw a significant increase, rising to $4.6 billion compared to $2.9 billion in the prior year. The company is strategically pivoting toward the artificial intelligence sector to capture more market share from the generative AI boom. Cisco raised its fiscal year forecast for AI infrastructure revenue from hyperscalers to $9 billion, a substantial increase over previous projections. Looking ahead to the second quarter, Cisco provided guidance that exceeds average analyst estimates for both revenue and earnings per share.
Tickers: $CSCO
Topics: AI infrastructure earnings beat fiscal guidance revenue growth
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