Cisco Systems Inc. may have reported its strongest annual revenue growth in a decade, but it’s headed down a much more anemic path this fiscal year — and even early traction with artificial intelligence won’t save it from that fate.
While Cisco’s management explained that comparisons could be confusing in fiscal 2024 because the company used fiscal 2023 to catch up on orders that it previously couldn’t deliver due to supply constraints, they also noted that some telecommunications customers are still “digesting” infrastructure that they bought over the past few months.
Cisco believes 800-gigabyte ethernet networks, which it sells, will offer higher performance than Infiniband technology for highly compute-intensive training of AI applications, but executives hinted that investors may need to be patient.
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