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Cisco reports fourth straight quarter of declining revenue
Cisco reported better-than-expected results for the latest quarter but revenue continues to shrink.
Cisco CEO Chuck Robbins said on the earnings call on Wednesday that orders from large-scale clients for artificial intelligence infrastructure exceeded $300 million in the quarter. "We have earned more design wins and remain confident that we will exceed our target of $1 billion of AI orders this fiscal year from web-scale customers," Robbins said. The Fiscal Responsibility Act of 2023, which became law in June of last year, has limited U.S. government spending, said Scott Herren, Cisco's finance chief.
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