(NASDAQ: CSCO) marched 10% higher last month, according to S&P Global Market Intelligence. The company's stock bucked a broader market decline thanks to a strong quarterly-earnings report on August 16.

Cisco's fiscal fourth quarter beat Wall Street's expectations for both revenue and earnings. The company reported 16% revenue growth over the prior year, which the company attributed to several factors. Supply chain disruptions have been a major issue since 2020, and unexpected improvement to supply chain blockages positively impacted sales last quarter. The company is expanding its market share as macroconditions improve.

Cisco also benefited from its ongoing strategic shift toward recurring software-subscription revenue, which is contributing an increasing proportion of total income. That makes sales more predictable, and it's generally better for profitability and cash-flow generation. The company is also participating in the artificial intelligence boom, with demand surging for ethernet fabrics among cloud leaders.

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Source Fool.com