### @CSCO — Confirmed — from the Q3 FY2026 earnings call
Non‑GAAP gross margin was 66.0% in the quarter, down 260 bps YoY, and non‑GAAP product gross margin was 64.3%, down 330 bps. The same AI wave that grew the order book pressured margin. Our CFO says the bigger factor is mix — hardware revenue grew roughly 30% while software was about flat, tilting the blend toward lower‑margin hardware — and we’re also seeing unprecedented memory pricing as the
- tier: Confirmed (✓)
- source: CSCO / The counterweight - AI demand fills the book and squeezes the margin
- receipt: https://ticker.thevixguy.com/p/p-day-20260724-csco-src-csco-memory-margin-hit-rotation
- posted: 2026-07-24T23:30:45.366Z