“In terms of our backlog, we continue to expect that we will end the fiscal year with roughly double our normal product backlog.”

In context

“need for extensive advanced ordering by our customers; and third, macroeconomic conditions. With this said, in our discussions with customers such as the ones we had at our most recent global Customer Advisory Board event earlier this month, they continue to invest in key technologies that are core to their overall strategies. As we previously shared, given the unprecedented demand for our technology during the pandemic, we believe sequential order rates are far more informative than year-over-year rates. Just like the prior two quarters, our sequentials in Q3 were in general alignment with historical ranges coming in 1 point below the historical range. In addition, our order cancellation rates also remain well below historical levels, indicating the strength of our backlog and portfolio. In terms of our backlog, we continue to expect that we will end the fiscal year with roughly double our normal product backlog. Now, let me share a bit more detail about some of our newest innovations. Regarding our webscale customers. They are currently consuming and implementing their prior significant technology investments. There remains a huge growth opportunity across all these customers enabled by our portfolio of hardware, software, silicon, and systems. We already see early design wins in AI infrastructure and continue to see other wins and competitive displacements leading to continued share gain in this space. In our networking business, we remain focused on building solutions that drive a higher return on investment and sustainability. In March, we introduced 800-gig capability to our Cisco 8000 platform with the industry's first 28.8 Terabit Line Card powered by Cisco's Silicon One ASICs and Pluggable”