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Cisco Gives Upbeat Outlook as Chip Supply Shortages Ease

  • Order growth accelerates, countering concerns about slowdown
  • Company projects stronger fiscal 2023 revenue than estimated
Cisco headquarters in San Jose, California. 

Cisco headquarters in San Jose, California. 

Photographer: David Paul Morris/Bloomberg

Updated on

Cisco Systems Inc. rose after the biggest maker of machines that run the internet and corporate computer networks gave a bullish forecast for quarterly sales, saying chip supply shortages ease and it’s able to fill more orders. 

Revenue in the fiscal first quarter will grow 2% to 4%, Cisco said in a statement Wednesday. Analysts had predicted that sales would be roughly flat from a year ago, when revenue was $12.9 billion. For fiscal 2023, the company expects sales to expand as much as 6%.