Cisco Systems, Inc. - CSCO STOCK NEWS

Cisco unveiled new partnerships and technological innovations at the Mobile World Congress in Barcelona on February 27, 2023. Key collaborations with BT Group, KPN, Telenor, and others aim to simplify IoT deployments for enterprise customers.

The launch includes Cisco's Mobility Services platform and 5G Gateways for enhanced connectivity. A notable partnership with Mercedes-Benz introduces Webex to their E Class vehicles, promoting hybrid work. Cisco's Executive VP will speak on innovations in F1 racing with McLaren.

Cisco and NTT Ltd. announce a collaboration to enhance Private 5G adoption across various sectors like Automotive, Healthcare, and Retail. Together, they aim to innovate and provide managed services that seamlessly integrate Private 5G into existing infrastructures. Their Managed Private 5G solution will leverage Intel hardware, focusing on improving digital transformation for enterprise customers. Key developments include enabling Industry 4.0 capabilities such as predictive maintenance and machine vision. The partnership's goal is to offer a secure, efficient, and reliable private network solution, ultimately aiding businesses in achieving better operational outcomes.

Cisco has successfully concluded a five-year Technology for Impact partnership with Mercy Corps, reaching over 12 million people in 45 countries. The collaboration focused on enhancing humanitarian aid through digital solutions, showcasing significant achievements in program adaptation, operational efficiency, and increased institutional investments. Looking ahead, Cisco and Mercy Corps are launching new initiatives targeting climate adaptation and resilience, especially in the Horn of Africa. This expansion builds on previous successes, utilizing technology to address climate-related challenges and improve aid delivery.

Cisco Systems Inc. has marked the World Day of Social Justice by reflecting on its five-year commitment to social justice, which it initiated in 2020 with a pledge of US$300 million. This initiative was born out of the social unrest following high-profile incidents of racial injustice, leading Cisco to embed social justice within its business strategy. The company’s core belief is that social justice actions will drive business value, making it a critical differentiator. Cisco’s progress includes significant investments in Historically Black Colleges and Universities (HBCUs), enhancing technology and education opportunities, while also positioning the company as a talent magnet.

Cisco reported Q2 FY 2023 revenue of $13.6 billion, reflecting a 7% year-over-year increase. GAAP EPS was $0.67, down 6%, while Non-GAAP EPS rose 5% to $0.88. Annualized recurring revenue (ARR) grew 6% to $23.3 billion, with software revenue increasing 10% and software subscriptions up 15%. Remaining performance obligations (RPO) reached $31.8 billion, a 4% rise. For Q3, Cisco anticipates revenue growth of 11% to 13% and GAAP EPS of $0.74 to $0.79. A 3% increase in quarterly dividends was also announced.

Cisco Systems Inc. has outlined its commitment to sustainability, highlighting key goals and actions aimed at achieving a net zero greenhouse gas emissions target by 2040. The company plans to reduce emissions across its entire value chain by 90% compared to fiscal year 2019, with near-term targets approved by the Science Based Targets initiative. Key initiatives include improving product energy efficiency, reducing plastic use by incorporating 50% recycled content by 2025, and increasing the use of renewable electricity to 89% of global operations in 2022. Cisco also emphasizes the importance of e-waste recycling and has launched programs to facilitate product returns.

Cisco is investing in picoCTF, a program designed to enhance cybersecurity education, particularly among girls and women. Since 2011, picoCTF has evolved from a competitive platform to a year-round learning resource, significantly increasing student engagement. Cisco's support has enabled picoCTF to expand its offerings and improve accessibility. In 2022, female participation surged from 1,900 to over 10,000 learners. This initiative is critical as the U.S. anticipates a 35% growth in IT jobs by 2031. Cisco aims to foster a diverse cybersecurity workforce, addressing the industry’s talent shortage while nurturing future experts in the field.

Cisco and Bank of America Securities will host a Tech Talk on February 28, 2023, focusing on Cisco's latest innovations in delivering 5G and Wi-Fi solutions. The event will feature Jonathan Davidson, Cisco's Executive Vice President and General Manager for Networking, who will be answering questions during the session. This live discussion will take place at the Mobile World Congress in Barcelona, providing insights into how technology can connect everything, everywhere. Interested participants can register and find more details on Cisco's Investor Relations website.

Cisco Systems has pledged US$150 million to support Historically Black Colleges and Universities (HBCUs), becoming the largest corporate donor in their history. This contribution is part of Cisco's US$300 million commitment to social justice over five years, emphasizing equity and community support. Cisco's initiatives include funding STEM education and technology modernization at HBCUs, with US$50 million allocated to the Student Freedom Initiative and US$100 million for technology upgrades. Cisco aims to empower HBCUs through programs like the Networking Academy and strategic partnerships, as stated by Maria Martinez, Executive Vice President and COO.