Cisco Systems Inc. announced that it has beaten its quarterly revenue estimates, crediting an easing of supply chain pressures with allowing the company to meet demand for its networking hardware.
Cisco has seen an increase in orders as businesses have moved to upgrade their infrastructure in the post-pandemic market, but the company has been held back by supply chain issues stemming from China’s strict COVID lockdowns, in place since March. They have now been lifted, which has allowed the company to increase sales.
Fourth quarter revenue was reported at US$13.1 billion, compared with the $12.73 billion expected by analysts. Year over year net income fell to US$2.8 billion (68 cents per share) from US$3 billion (71 cents per share).
Cisco predicts its first-quarter revenue will rise by two to four per cent.
