思科（CSCO）今日盘前股价大跌5.18%，引发市场广泛关注。
消息面上，思科于盘后发布了第四财季财报，业绩全面超出华尔街预期。数据显示，公司第四财季营收同比增长18%至173亿美元，创下单季历史纪录；非GAAP每股收益为1.22美元，同比增长23%。同时，公司给出的第一财季营收指引为180亿至182亿美元，远超分析师预期的168亿美元。然而，股价在盘后交易中一度涨近8%，随后迅速转跌，盘后跌幅一度超过6%，并延续至今日盘前。
分析人士指出，尽管思科财报和指引均表现强劲，但市场对AI业务的营收预期感到失望。思科首次给出2027财年AI营收预测约75亿美元，而公司在2026财年累计获得AI相关订单高达93亿美元，单季订单就达40亿美元。这一巨大的落差令市场质疑订单向营收的转化效率。此外，思科年内股价已累计上涨约61%，在AI交易拥挤、股价预期较高的背景下，投资者选择获利了结，导致股价冲高后大幅回落。
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