The latest US corporate earnings reports have put artificial intelligence infrastructure and semiconductor manufacturing firmly in focus. Cisco Systems delivered strong first-quarter growth and raised its full-year outlook, while Applied Materials reported record quarterly revenue and earnings as demand for advanced semiconductor manufacturing equipment accelerated.
AI chipmaker Cerebras Systems also reported a substantial increase in quarterly revenue, supported by growing demand for its cloud computing services. Nu Holdings delivered record quarterly net income, while engineering company Stantec reported higher earnings and raised its profitability targets.
The results were released primarily after Thursday’s market close on November 12, making them the main focus of Friday’s earnings review.
In Simple Words
Technology and semiconductor companies are benefiting from continued investment in artificial intelligence infrastructure. Cisco and Applied Materials converted that demand into stronger earnings, while Cerebras recorded rapid revenue expansion. Outside technology, Nu Holdings and Stantec also delivered encouraging financial performances.
Cisco Systems: Revenue Climbs 24% as AI Networking Demand Strengthens
Cisco Systems reported first-quarter fiscal 2027 revenue of $18.5 billion, an increase of 24% from $14.9 billion a year earlier. GAAP net income increased 59% to $4.6 billion, while diluted earnings per share rose 58% to $1.14.
Adjusted earnings reached $1.40 per share, up 40% year over year. Demand for networking equipment, security products and infrastructure supporting large AI data centres contributed to the company’s strong performance. Product revenue increased 32%, while services revenue grew 1%.
| Financial metric | Q1 FY2027 |
|---|---|
| Revenue | $18.5 billion |
| Revenue growth | 24% |
| GAAP net income | $4.6 billion |
| GAAP diluted EPS | $1.14 |
| GAAP EPS growth | 58% |
| Adjusted EPS | $1.40 |
| Adjusted EPS growth | 40% |
Cisco raised its full-year fiscal 2027 revenue guidance to $74.8 billion-$75.8 billion, compared with its previous range of $72.2 billion-$73.4 billion. Adjusted EPS guidance increased to $5.47-$5.53.
The company also raised its expected AI infrastructure revenue from hyperscalers to $9 billion for fiscal 2027. The results indicate that networking equipment is becoming an increasingly important part of the AI infrastructure investment cycle.
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Applied Materials: Record Revenue Reaches $10.41 Billion
Applied Materials reported record fourth-quarter fiscal 2026 revenue of $10.41 billion, up 53% from $6.80 billion in the corresponding quarter last year.
GAAP earnings per share increased 43% to $3.40, while adjusted EPS surged 92% to a record $4.16. The improvement reflected strong demand for semiconductor manufacturing equipment as chipmakers expanded production capacity for advanced computing and AI applications.
| Financial metric | Q4 FY2026 |
|---|---|
| Revenue | $10.41 billion |
| Revenue growth | 53% |
| GAAP net income | $2.72 billion |
| GAAP diluted EPS | $3.40 |
| GAAP EPS growth | 43% |
| Adjusted EPS | $4.16 |
| Adjusted EPS growth | 92% |
| Operating cash flow | $3.30 billion |
Applied Materials also delivered record full-year revenue of $34.45 billion, an increase of 21%. Annual adjusted EPS reached $12.89, up 37%.
For the first quarter of fiscal 2027, management expects revenue of approximately $11.10 billion and adjusted EPS of $4.35. Both outlook figures indicate that the company expects semiconductor equipment demand to remain strong.
The quarterly results reinforce Applied Materials’ position as a major beneficiary of investment in advanced semiconductor manufacturing.
Cerebras Systems: AI Cloud Revenue Jumps 272%
Cerebras Systems reported third-quarter GAAP revenue of $210.8 million, an increase of 55% from the previous year. Its core revenue, which excludes certain accounting and pass-through items, reached $230.9 million, up 70%.
Cloud and other services were the strongest contributors. Core cloud revenue increased 272% to $144.9 million, highlighting the growing importance of recurring access to AI computing capacity alongside direct hardware sales.
| Financial metric | Q3 2026 |
|---|---|
| GAAP revenue | $210.8 million |
| GAAP revenue growth | 55% |
| Core revenue | $230.9 million |
| Core revenue growth | 70% |
| Core cloud revenue | $144.9 million |
| Core cloud revenue growth | 272% |
| GAAP net loss | $161.2 million |
| Core gross margin | 41% |
Cerebras expects fourth-quarter core revenue of $310 million-$330 million, with a core gross margin of 47%-49%. It raised its full-year 2026 core revenue outlook to $940 million-$960 million.
The company also expects revenue to triple in 2027 as it expands its computing infrastructure and adds large cloud customers.
The rapid expansion is encouraging, but the quarterly net loss shows that Cerebras is still investing heavily to scale its business. Its ability to improve operating margins while delivering additional computing capacity will be important for long-term profitability.
Nu Holdings: Record Net Income Reaches $1.1 Billion
Nu Holdings, the parent company of digital banking platform Nubank, reported record third-quarter gross revenue of $6.3 billion, representing 37% growth on a foreign-exchange-neutral basis.
Net income increased 31% to $1.1 billion, while gross profit rose 35% to $2.6 billion. The company continued to expand its customer base across Brazil, Mexico and Colombia, adding 3.7 million customers during the quarter.
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| Financial metric | Q3 2026 |
|---|---|
| Gross revenue | $6.3 billion |
| Gross revenue growth | 37% |
| Gross profit | $2.6 billion |
| Gross profit growth | 35% |
| Net income | $1.09 billion |
| Net income growth | 31% |
| Diluted EPS | $0.2235 |
| Return on equity | 32% |
| Total customers | 143 million |
Nu’s credit portfolio expanded 33% year over year to $41.6 billion. Deposits increased 19% to $47.5 billion, providing additional funding capacity for its lending operations.
The company also improved its efficiency ratio to 19.3% from 20.3% a year earlier and now expects a full-year 2026 efficiency ratio of 19%-19.5%, better than its previous expectation of approximately 20%.
The results demonstrate that Nu is continuing to expand its banking operations while maintaining strong profitability. However, credit quality and lending costs remain important measures to monitor as its loan portfolio grows.
Ecopetrol: Net Profit Jumps 86% as Revenue and EBITDA Increase
Colombian energy producer Ecopetrol reported third-quarter revenue of 35.06 trillion Colombian pesos, equivalent to approximately $10.63 billion. Revenue increased 17.5% compared with the same quarter last year.
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Net profit climbed 86% to 4.76 trillion pesos, while EBITDA increased 29% to 15.9 trillion pesos. Higher oil prices and the contribution from its acquisition of Brazil’s Brava Energia supported the improvement.
| Financial metric | Q3 2026 |
|---|---|
| Revenue | COP 35.06 trillion |
| Revenue growth | 17.5% |
| Net income | COP 4.76 trillion |
| Net income growth | 86% |
| EBITDA | COP 15.9 trillion |
| EBITDA growth | 29% |
| EBITDA margin | 45.3% |
| Average production | 747,000 boe/day |
The acquisition of Brava Energia contributed to the company’s earnings during the quarter. However, production declined 0.5% year over year, reflecting operational pressures and scheduled refinery maintenance.
The latest results show how stronger commodity pricing can support profitability even when production volumes face challenges.
Stantec: Adjusted EPS Rises 23.5% and Profitability Outlook Improves
Engineering and environmental consulting company Stantec reported third-quarter net revenue of $1.9 billion, an increase of 9.4% from the previous year.
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Adjusted EBITDA increased 16.6% to $377.1 million, while the adjusted EBITDA margin improved to 20.2%. Diluted earnings per share reached $1.60, and adjusted EPS increased 23.5% to $1.89.
| Financial metric | Q3 2026 |
|---|---|
| Net revenue | $1.9 billion |
| Revenue growth | 9.4% |
| Diluted EPS | $1.60 |
| Diluted EPS growth | 21.2% |
| Adjusted EPS | $1.89 |
| Adjusted EPS growth | 23.5% |
| Adjusted EBITDA | $377.1 million |
| Adjusted EBITDA growth | 16.6% |
| Contract backlog | $9.2 billion |
Stantec raised its full-year profitability targets, including its adjusted EBITDA margin target to 18.3%-18.5% and adjusted EPS growth to 17%-19%.
Its $9.2 billion contract backlog, up 11.6% year over year, provides visibility into future project activity.
The results suggest that demand for engineering, water infrastructure and environmental consulting services continues to support both revenue expansion and margin improvement.
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What the Latest US Earnings Tell Investors
The latest reporting session highlights the financial opportunities emerging from the expansion of AI infrastructure. Cisco is benefiting from networking demand, Applied Materials is seeing stronger semiconductor equipment sales, and Cerebras is expanding its cloud computing business at a rapid pace.
Outside technology, Nu Holdings demonstrated strong digital banking profitability, while Ecopetrol benefited from higher commodity prices. Stantec’s results showed that infrastructure and engineering services can also deliver healthy earnings growth.
The important distinction is how each company is translating revenue growth into sustainable earnings. Cisco and Applied Materials reported stronger profits alongside higher sales, whereas Cerebras continues to invest heavily in expanding its infrastructure.
For investors, the latest results reinforce the importance of evaluating revenue, earnings growth, operating margins, cash generation and management guidance together rather than relying on a single headline financial number.
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Disclaimer: This article is intended for educational and informational purposes only. It does not constitute investment advice, financial advice or a recommendation to buy, sell or hold any securities. Readers should conduct their own research or consult a qualified financial adviser before making investment decisions. OneTrader is not registered with SEBI as an investment adviser.
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