思科盈利与营收均超预期，但业绩展望平淡，股价下跌7%

Core Insights - Cisco's quarterly performance exceeded expectations, but the stock fell approximately 7% in after-hours trading due to guidance that only met market expectations [2][8] Financial Performance - Adjusted earnings per share (EPS) were $1.04, compared to the expected $1.02; revenue reached $15.35 billion, surpassing the expected $15.12 billion [3][9] - Year-over-year revenue growth was approximately 10%, increasing from $14 billion to the current level [3][9] - Net profit rose from $2.43 billion ($0.61 per share) in the same quarter last year to $3.18 billion ($0.80 per share) [3][9] Future Guidance - For the current quarter, Cisco expects adjusted EPS of $1.02–$1.04 and revenue between $15.4 billion and $15.6 billion, while analysts expect EPS of $1.03 and revenue of $15.18 billion [3][9] - For fiscal year 2026, Cisco targets adjusted EPS of $4.13–$4.17 and revenue of $61.2 billion–$61.7 billion, representing a year-over-year growth of approximately 8.5% [5][11] Business Segments - Cisco's core networking business revenue grew by 21% year-over-year to $8.3 billion, exceeding analyst expectations of $7.9 billion [4][10] - The company announced a partnership with AMD to provide products for an AI infrastructure project in Saudi Arabia and launched a network switch featuring NVIDIA chips [4][10] Market Trends - There is increasing investor interest in Cisco's role in the AI boom, with AI infrastructure orders from hyperscale cloud providers reaching $2.1 billion this quarter [3][9] - CEO Chuck Robbins indicated that revenue growth from new cloud providers will begin in the second half of the fiscal year and become more significant in fiscal year 2027 [4][10] - Rising memory prices due to increased demand for NVIDIA GPUs have impacted various equipment manufacturers, prompting Cisco to raise prices and adjust contracts with channel partners [4][10][11]