Order growth ex-Splunk accelerated to 9% year-on-year, with 17% growth in Enterprise and 22% in Service Provider & Cloud, he added. "Webscale, which is a subset within Service Provider & Cloud, was a bright spot with orders growing triple digits," including more than $300 million of AI orders, the analyst wrote. The AI momentum puts Cisco Systems "well on track" to exceed its fiscal 2025 target of $1 billion in AI orders, he further stated. Piper Sandler : Cisco Systems posted total revenues of $13.84 billion, which represents a 6% year-on-year decline but came in higher than expectations by around 1%, Fish said. "The upside again came via Product, though primarily was due to ~ $20M higher Splunk contribution," he further wrote. Management raised their annual revenue guidance by $200 million at the midpoint, "given the demand environment, but more likely the upside of recurring Splunk revenue," the analyst stated. This led Cisco Systems to raise its earnings guidance to $3.60-$3.66 per share, he added.