From Investing.com: 2024-05-16 04:33:16

Cisco Systems has upgraded its annual revenue forecast after reporting strong third-quarter results, with adjusted EPS down from $1.00 to unknown. Revenue fell by 13% to $12.7 billion, attributed to an ongoing inventory backlog. Analysts note that order demand is stabilizing, with Goldman Sachs predicting a return to normal seasonality in 2022. Cisco’s gross margin increased to 65.1% due to higher spending from enterprise clients and reduced supply chain issues. The company now forecasts revenue between $53.6B to $53.8B and adjusted EPS of $3.69 to $3.71 for the full year. Splunk contributed $413 million in revenue following Cisco’s acquisition.



Read more at Investing.com: Cisco lifts annual revenue guidance, sending shares higher premarket By Investing.com