Cisco Systems Inc (NASDAQ:CSCO) stock rose 3.10% (As on November 17, 11:27:46 AM UTC-4, Source: Google Finance) after the company raised its full-year revenue and profit forecast amid easing supply chain hurdles and announced $600 million in severance and other charges related to a new restructuring, which could impact roughly 5% of its workforce. Cisco said it would book the charges over the next few quarters, which included some costs related to downsizing its office space as more people work in a hybrid home-and-office model. Total annualized recurring revenue (ARR) at $23.2 billion, up 7% year over year and product ARR up 12% year over year. Total software revenue up 5% year over year and software subscription revenue up 11% year over year. Remaining performance obligations (RPO) at $30.9 billion, up 3% year over year and product RPO up 5% year over year. Cash and Cash Equivalents and Investments was $19.8 billion at the end of the first quarter of fiscal 2023, compared with $19.3 billion at the end of fiscal 2022.

CSCO in the first quarter of FY 23 has reported the adjusted earnings per share of 86 cents, beating the analysts’ estimates for the adjusted earnings per share of 84 cents. The company had reported the adjusted revenue growth of 6 percent to $13.63 billion in the first quarter of FY 23, beating the analysts’ estimates for revenue of $13.31 billion, according to Refinitiv data. Revenue by geographic segment was: Americas up 5%, EMEA up 11%, and APJC was flat. Product revenue performance was led by growth in Secure, Agile Networks up 12%, End-to-End Security up 9%, and Optimized Application Experiences up 7%. Internet for the Future was down 5% and Collaboration was down 2%.

Moreover, On a non-GAAP basis, total gross margin, product gross margin, and service gross margin were 63.0%, 61.0%, and 68.8%, respectively, as compared with 64.5%, 63.8%, and 66.5%, respectively, in the first quarter of fiscal 2022. Non-GAAP operating income was $4.3 billion, up 1%, with non-GAAP operating margin at 31.8%.

Additionally, the company has declared and paid a cash dividend of $0.38 per common share, or $1.6 billion, and repurchased approximately 12 million shares of common stock under the stock repurchase program at an average price of $43.76 per share for an aggregate purchase price of $0.5 billion.

Cisco expects an annual revenue growth to be in the range of 4.5% to 6.5%, and adjusted earnings between $3.51 and $3.58. It previously forecast revenue growth of 4% to 6% for the year and earnings of $3.49 to $3.56, excluding items.