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Cisco shares pop on earnings beat and increased 2023 forecast

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Cisco reported fiscal first-quarter results that beat analysts' estimates on top and bottom lines, as the company cited an 'easing supply situation.'

$13.6 billion vs. $13.3 billion expected by analysts, according to Refinitiv

While Cisco's numbers topped estimates, the company is still struggling to grow as the technology world rapidly shifts to cloud and subscription software and away from buying physical boxes. Cisco's stock price is down 27% this year, while the Nasdaq has dropped 29%.

 

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