网络设备巨头思科(CSCO)今日盘前股价大跌7.72%，引起了市场的广泛关注。
消息面上，尽管思科公布的2026财年第二财季营收和调整后每股收益均超过市场预期，并因人工智能(AI)基础设施需求强劲而上调了全年业绩指引，但公司给出的当前财季(第三财季)盈利指引仅符合市场预期，且调整后毛利率预测显著低于分析师预期。投资者担心，存储芯片(内存)价格的持续上涨正在侵蚀公司的盈利能力，AI相关支出在推动收入增长的同时也挤压了利润空间。
思科预计第三财季调整后毛利率为65.5%至66.5%，同比下降2.1至3.1个百分点，远低于分析师平均预期的68.2%。公司首席执行官在财报电话会议中表示，为应对内存价格上涨，已宣布提价并正在调整与渠道合作伙伴的合同条款。然而，市场显然更关注短期成本压力带来的不确定性，导致股价在业绩公布后承压下行。
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