Cisco Systems Inc. raised its full-year revenue growth forecast on Wednesday, banking on its ability to push backlog orders quickly and rapid adoption of 5G technology to keep demand upbeat.
Cisco's shares rose 10% in extended trading.
The company forecast fiscal 2023 revenue growth between 9% and 10.5%, compared with its earlier forecast of 4.5% to 6.5% growth.
Cisco, whose products are core to a firm's networking infrastructure, has benefited as companies are increasingly adopting technologies like cloud and digital workloads to support hybrid work.
The company, which reeled from chip shortages and excess inventory buildup last year, is also pushing to clear the backlog orders, which the management described last quarter as historically high.
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