Cisco Systems (CSCO) has reported financial results and forward guidance that are largely inline with Wall Street forecasts.
The technology giant announced earnings per share of $0.99 U.S., which was slightly ahead of the $0.98 U.S. that had been expected.
Revenue in the period totaled $14.67 billion U.S., which was also just ahead of the $14.62 billion U.S. forecast on Wall Street. Sales were up 7.6% from a year earlier.
In terms of guidance, management called for $4 U.S. to $4.06 U.S. in earnings per share (EPS) and $59 billion U.S. to $60 billion U.S. in revenue for the current fiscal year.
Analysts had been looking for earnings of $4.03 U.S. a share and $59.53 billion U.S. in revenue.
In what was its fiscal fourth quarter, Cisco generated $7.63 billion U.S. in networking revenue, up 12% from last year. Analysts were looking for $7.34 billion U.S.
Cisco’s security revenue for the quarter totaled $1.95 billion U.S., up 9% year-over-year but trailing estimates of $2.11 billion U.S.
During the quarter, Cisco introduced switches and routers that can take on artificial intelligence (A.I.) workloads.
A.I. infrastructure orders from internet companies during the quarter totaled $800 million U.S.
Cisco’s sales pipeline for A.I. infrastructure from enterprises is in the hundreds of millions of dollars, according to the company.
CSCO stock is up 19% this year and trading at $70.27 U.S. per share.
