Cisco CEO Chuck Robbins Talks Earnings
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Ed, you're looking at the company that's adding the most in points upside.
Yeah, one of the big movers to the upside is Cisco. Shares currently up around 4%. They'd opened much higher than that. The key bit is they're trading at their highest level since the year 2000, after the company raised its outlook and showed progress on capturing more of the global AI spend. Let's get the details with Cisco CEO, Chuck Robbins. Chuck, in the year 2000, Cisco was one of the original four horsemen of technology. Based on the numbers you gave and what you said on the call, do you feel like customers, the new ones, and investors now understand Cisco's place in this new AI era?
First of all, thanks for having me. And, you know, I'm super proud of what the teams have accomplished. We had a record quarter and set ourselves up for what's likely going to be the best year we've ever had. So it was it was just a great performance. And as I've been asked a lot over the last 24 hours to reflect back on 2000, it's it's kind of an interesting comparison. But I think that, look, the hyperscalers are some of the most. advanced customers in the world. They do the deepest analysis of the technology before they make decisions. And I think that their decisions to continue spending more with us speaks volumes about the innovation and the technology that our teams are building right now. So I'm really proud of them.
And I think it'll just extend into the enterprise over time.
Chuck, who are some of those new customers that you've been able to sign in the area context?
Well, we're just talking about the major hyperscalers, primarily in the United States. But we've also announced these sovereign deals in the Middle East with G42 in the Emirates, as well as Humane in Saudi. There's a lot of work going on in the neocloud space. We're seeing sovereign players start popping up now in parts of Europe, as well as Southeast Asia and India. So it's a broad swath of customers. But the $1.3 billion that we talked about is strictly the top hyperscalers that we're doing business with. So you're talking about five companies.
And they're good for the money, as you can tell from the cash flow that they have, Chuck. That $200 million that you are expanding into Sovereign, you are expanding into Enterprise and Neoclouds. How do you bake in some of the risks that the market just cannot get enough of talking about this circular economy?
Well, so we did talk about the fact that we have over $2 billion now in our pipeline through the end of the fiscal year. So over the next three quarters in NeoCloud, Sovereign Cloud, and Enterprise. And we see that continue to accelerate. We took $200 million in orders in Q1. And it's a natural way the technologies have been evolving over the last decade or more. They start in the hyperscalers, they move through the telco space, in this case the neoclouds and the sovereign players, and then into the enterprise. And it's happening exactly that way.
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