Cisco Among Gainers on Wall Street After Revenue Forecast Increase

Cisco Systems was among the winners on Thursday’s stock exchanges in New York. The maker of network equipment booked more revenue and profit than expected last quarter and raised its revenue forecast for the entire financial year.

According to CEO Chuck Robbins, Cisco is well-positioned to continue to benefit from the strong demand for applications in artificial intelligence (AI). The share rose 6 percent.

The general mood on Wall Street was positive after the mixed closing prices a day earlier. Shortly after the market opened, the Dow Jones index was up 0.3 percent at 44,508 points, and the broad S&P 500 index rose 0.2 percent to 6,066 points. The tech benchmark Nasdaq climbed 0.5 percent to 19,751 points.

Investors were still digesting the stronger-than-expected rise in US inflation in January, which was announced on Wednesday. Therefore, the chance that the Federal Reserve can lower interest rates further this year has decreased further.

US central bank president Jerome Powell stated that the high inflation shows that the battle against rising consumer prices is not yet over. President Donald Trump, who promised lower prices during his election campaign, emphasised that the latest inflation data is still the previous administration’s responsibility.