Last week, tech giant Cisco (CSCO) beat quarterly revenue estimates by $120 million and beat earnings guidance by $.03. Cisco issued its results in the late hours of May 14th, prompting an after-hours trading surge of Cisco stock. After closing at around $22.80 per share, Cisco opened on May 15th at over $24 and is now priced at $24.82. Additionally, Deutsche Bank upgraded Cisco to a “buy” rating, with a price target of $30.

Although Cisco exceeded its estimated quarterly earnings, the company still reported a decrease in year-over-year revenue. According to Forbes, Cisco’s 2014 third quarter revenue was down 5.5% from its 2013 Q3 revenue (a result of Snowden’s NSA revelations). However, since then, Cisco has proven its ability to function much more efficiently and cut costs; this provides a bright future for the tech giant.

In a report regarding its quarterly results, Cisco CEO John Chambers announced, “the entire team is focused on moving forward aggressively and we remain confident in our long-term goal to be the #1 IT company.”

Much of Cisco’s future success hinges on a concept the company introduced at last year’s Consumer Electronics Show (CES): the Internet of Everything. On Cisco’s website, the Internet of Everything (IoE) is defined as uniting people, processes, data and things to make networked connections more relevant and valuable than ever before – turning information into actions that create new capabilities, richer experiences, and unprecedented economic opportunities for businesses, individuals, and countries.

Cisco’s goal is to invent and produce devices that connect the world, and make humans more efficient. In one example, Chambers claimed that “smart trash cans,” equipped with sensors, could annually save companies and consumers billions of dollars. The sensors could also identify hazardous materials and signal if they were full.

Cisco believes its technology will support a broad array of consumer products that will span across several aspects of our lives. Cisco also projects a market opportunity worth a staggering $19 trillion. The Internet of Everything is already on display, and can be experienced with developments such as Cisco’s Smart Grid. 

The IoE would also place an emphasis on human health. At the CES, Cisco estimated that future life spans might exceed 100 years. This significant increase in life expectancy could be achieved via personalized medications for patients and simplified collaboration between doctors, the results of the IoE. These advancements would have monumental impacts on the human race.

To help move the IoE program forward, Cisco has reported partnerships with both AT&T (T) and General Motors (GM). It seems that several companies are embracing the Internet of Everything as an inevitable part of the future, with Cisco leading the charge.

Thankfully, amid concerns that Cisco might enter into a downward spiral, continued EPS growth has helped restore its momentum. Cisco has positioned itself to focus on the future. With a new look and a bold plan, Cisco has an opportunity to be at the forefront of a technological revolution. Cisco shareholders have a strong possibility of receiving high returns by joining this movement.