Washington [US], August 14: Cisco Systems, a developer and manufacturer of networking equipment, has predicted strong quarterly revenue amid increasing demand for networking equipment.
The company topped revenue forecasts by 0.7% last quarter, reporting $14.15 billion-an 11.4% year-over-year increase-while it beat analysts' EPS estimates for the next quarter but posted billings in line with expectations.
The networking and AI infrastructure markets are becoming fiercely competitive - tech giants and agile startups are fighting for shares, so Cisco's ability to defend its networking leadership while also becoming a major AI infrastructure player is far from guaranteed.
In the meantime, Alphabet's Google announced Wednesday it will invest an extra $9 billion in Oklahoma over the next two years to expand its cloud and AI infrastructure.
Source: Emirates News Agency