智通财经网·2026-02-11 23:53Core Viewpoint - Cisco's Q2 earnings exceeded market expectations, driven by AI business growth, but the stock fell due to weak profit margin guidance and modest earnings forecast for the next quarter [1][4]. Financial Performance - Q2 revenue increased by 10% year-over-year to $15.3 billion, surpassing the market expectation of $15.1 billion [1]. - Net profit rose from $2.43 billion in the same quarter last year to $3.18 billion, with adjusted earnings per share at $1.04, better than the expected $1.02 [1]. AI Business Growth - Strong demand for AI infrastructure led to a significant increase in orders from hyperscale data center providers, reaching $2.1 billion, up from $1.3 billion in the previous quarter [1]. - Core networking business revenue grew by 21% year-over-year to $8.3 billion, exceeding analyst predictions of $7.9 billion [1]. Market Challenges - Cisco's forecast for adjusted earnings per share for Q3 is between $1.02 and $1.04, aligning with the market median of $1.03, but the projected adjusted gross margin of 65.5% to 66.5% is below the analyst average of 68.2% [4]. - The company faces challenges from a shortage of storage chips, impacting multiple product lines and increasing costs due to rising component prices [4]. Strategic Initiatives - Cisco has implemented price increases and is negotiating better pricing terms with suppliers to address industry-wide challenges [5]. - The company is collaborating with AMD on AI infrastructure projects in Saudi Arabia and has launched new network switches featuring NVIDIA chips [3]. Future Outlook - Cisco raised its full-year revenue forecast to between $61.2 billion and $61.7 billion, reflecting an approximate growth rate of 8.5%, with adjusted earnings per share projected at $4.13 to $4.17 [6].