Cisco said it's seeing more recurring revenue, while efforts to improve the company's component supply availability are also paying off.
The company raised its full-year guidance thanks to an increase in recurring revenue and steps to improve supply conditions.Cisco CEO Chuck Robbins participates in a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2023.shares rose as much as 8% in extended trading on Wednesday after the maker of computer networking ear announced fiscal second-quarter results that topped Wall Street expectations.88 cents per share, adjusted, vs.
Cisco lifted its guidance for the 2023 fiscal year, and now expects $3.73 to $3.78 in adjusted earnings per share and 9% to 10.5% revenue growth. Both numbers are well ahead of analysts' estimates. The Internet for the Future unit, which includes routed optical networking hardware, contributed $1.31 billion, down 1% and just below the $1.32 billion StreetAccount consensus.
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