Cisco Systems (CSCO) saw a rise in its share price in pre-market trading after reporting better-than-expected fourth-quarter earnings and highlighting its potential in leveraging AI technologies. The network equipment chipmaker posted a stronger-than-anticipated bottom line of $1.14 per share. Although Cisco’s sales forecast was muted, with revenues projected to be around $57 billion to $58.2 billion for the coming fiscal year, the company’s solid earnings report and CEO Chuck Robbins’ emphasis on recent market share wins and investment in AI technologies spurred investor confidence.
Cisco’s orders were down 14% compared to the previous year but showed a 30% improvement from the third quarter, partly due to a $500 million boost from ethernet-based AI networking demand. Robbins expressed his belief that the acceleration of AI will bring significant changes to the world, presenting new growth opportunities for Cisco. The company aims to lead and thrive in this space by focusing on the development of market-leading AI technologies across collaboration and security portfolios. Cisco shares were marked 2.9% higher in pre-market trading, indicating an opening bell price of $54.49 each.
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