Cisco Jumps 14% After Beating Q3 Estimates, Raises Full-Year AI Revenue Target to $9B

According to CNBC, Cisco shares rose 14% in after-hours trading after the company beat Wall Street estimates and raised its outlook. For the quarter ended April 25, revenue rose 12% year on year to US$15.8 billion and net income increased to US$3.37 billion from US$2.49 billion. LSEG analysts had expected US$15.82 billion in revenue and US$1.07 in adjusted earnings per share.

Cisco said AI infrastructure and hyperscaler orders reached US$5.3 billion so far this year, lifting its full-year AI revenue target to US$9 billion from US$5 billion. The company also announced layoffs affecting fewer than 4,000 employees, or under 5%, set to begin on May 14.