Cisco Systems reported first-quarter fiscal 2027 revenue of $18.52 billion, up 24% from a year earlier and above analyst estimates reported at $18.11 billion and $18.14 billion. Adjusted earnings were $1.40 per share, exceeding estimates of $1.32 and $1.33. Profit rose to $4.55 billion, or $1.14 a share, from $2.86 billion, or 72 cents a share, a year earlier. Cisco said the quarter delivered its strongest revenue and non-GAAP earnings growth in more than 15 years, while adjusted operating margin reached a record 37.8%. Product revenue rose 32%, services revenue increased 1% and networking revenue climbed 43% to $11.1 billion, driven by demand for AI networking equipment, data-center infrastructure and connectivity products. Cisco raised its fiscal 2027 revenue outlook to $74.8 billion-$75.8 billion from $72.2 billion-$73.4 billion and lifted its adjusted earnings forecast to $5.47-$5.53 per share from $5.05-$5.11. It also increased its AI infrastructure revenue forecast from hyperscalers to $9 billion from $7.5 billion, compared with $4 billion in fiscal 2026. The company said it had secured $9 billion in AI infrastructure orders for fiscal 2027, while total product orders increased 32% year over year. Second-quarter guidance also exceeded analyst expectations. Cisco cited a multi-year networking supercycle tied to AI data-center investment, although higher memory and component costs reduced adjusted gross margin to 65.6% from 68.1% a year earlier. Shares surged 4% after the results, having gained about 32% through the Nov. 12 close in the latest account.