Cisco Systems, Inc.

Took $350 million in AI orders from neocloud, sovereign and enterprise customers in Q2. Growing pipeline in excess of $2.5 billion. Joint venture with AMD and HUMAIN announced.

Non-GAAP gross margin down 120 basis points year-over-year to 67.5%. Q3 guide of 65.5% to 66.5% reflects memory price increases and mix. Price increases already announced.

Security revenue down 4% due to Splunk on-prem to cloud transition and prior-generation decline. Over 1,000 new customers purchased new security products in Q2, up 100% sequentially.

Total product orders up 18% with double-digit growth across all geographies. Excluding hyperscalers, product orders up 10%. Service provider and cloud up 65%, public sector up 11%.