Cisco Systems Inc. Wednesday raised its full-year profit forecast, betting that demand will stay strong for its networking infrastructure even in a slowing economy.
The company now expects annual adjusted earnings per share between $3.80 and $3.82.
Cisco also forecast fiscal 2023 revenue to rise between 10.0% and 10.5%, compared with its previous outlook of an increase of 9.0% to 10.5%.
The company has over the past few months moved aggressively to resolve supply chain bottlenecks that ailed its business since the pandemic, allowing it to fulfill delayed orders.
The maker of routers, security services and software products has also benefited from resilience in cloud spending, which has been a bright spot in the wider tech slowdown.
Cisco posted revenue of $14.57 billion in the third quarter, compared with analysts' estimates of $14.39 billion, according to Refinitiv. (Reporting by Richard Rohan Francis in Bengaluru; Editing by Shounak Dasgupta)
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