Cisco Systems on Wednesday (May 17) raised its full-year profit forecast, betting that demand will stay strong for its networking infrastructure even in a slowing economy. The company now expects annual adjusted earnings per share between US$3.80 and US$3.82. Cisco also forecast fiscal 2023 reven
Cisco Systems on Wednesday raised its full-year profit forecast, betting that demand will stay strong for its networking infrastructure even in a slowing economy.Cisco also forecast fiscal 2023 revenue to rise between 10.0 per cent and 10.5 per cent, compared with its previous outlook of an increase of 9.0 per cent to 10.5 per cent.
The company has over the past few months moved aggressively to resolve supply chain bottlenecks that ailed its business since the pandemic, allowing it to fulfil delayed orders. The maker of routers, security services and software products has also benefited from resilience in cloud spending, which has been a bright spot in the wider tech slowdown.
Cisco posted revenue of US$14.57 billion in the third quarter, compared with analysts' estimates of US$14.39 billion, according to Refinitiv.
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