Cisco's shares dropped in extended trading on Wednesday despite a better-than-expected earnings report and a revenue forecast that sailed past estimates:
- Earnings per share: $1.22 adjusted vs. $1.17 expected
- Revenue: $17.25 billion vs. $16.82 billion expected
The company said it sees revenue this quarter of $18 billion to $18.2 billion, topping the $16.8 billion average estimate:
This year, Cisco's stock has risen more than 60%, and about 8% this month, driven by optimism regarding its role in the artificial intelligence boom:
Cisco also issued an earnings forecast for the current period that exceeded expectations, as well as strong guidance for the full year:
Hyperscalers, or the internet giants driving much of the AI spend, placed $4 billion of infrastructure orders in the quarter:
Revenue climbed 18% in the latest quarter from $14.7 billion a year earlier:
