Cisco Systems raised annual revenue forecast on Wednesday, a sign of improving demand as the computer networking equipment maker shifts focus to cybersecurity, cloud systems and AI-driven products.Companies have ramped up investments in AI technologies which require heavy computing power,

Shares of the computer networking equipment maker were down 1.4% in extended trading after the company forecast annual revenue broadly in line with estimates. Companies have been ramping up investments in AI technologies which require heavy computing power,

Cisco Systems Inc., the biggest maker of computer networking equipment, gave a strong revenue forecast for the current period, signaling an uptick in corporate spending on computer infrastructure.

Cisco Systems (CSCO) reported fiscal first-quarter earnings that exceeded analysts’ expectations and raised its full-year forecast, despite declining revenues. The networking-equipment provider reported first-quarter net income of $2.

Cisco Systems raised annual revenue forecast on Wednesday, a sign of improving demand as the computer networking equipment maker shifts focus to cybersecurity, cloud systems and AI-driven products. The company now expects annual revenue to be between $55.