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Cisco Beats Earnings Expectations, Raises AI Infrastructure Outlook

Cisco reported third-quarter earnings and revenue that surpassed Wall Street expectations, with shares jumping 14% in extended trading. The networking equipment maker posted earnings per share of 85 cents, exceeding the prior year's 62 cents per share. Quarterly revenue climbed 12% to $14.37 billion. The company raised its full-year artificial intelligence infrastructure order forecast to $9 billion from $5 billion, citing $1.3 billion in hyperscaler demand through the current period. Expected fiscal-year revenue in that segment increased to $4 billion from $3 billion. Cisco announced workforce reductions of fewer than 4,000 employees, representing less than 5% of its workforce, beginning May 14. CEO Chuck Robbins emphasized that Cisco must focus on areas where demand and long-term value creation are strongest to compete effectively in the AI infrastructure market.