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Cisco Systems, Inc., commonly known as Cisco (NASDAQ: CSCO), is a leading American multinational digital communications technology conglomerate headquartered in San Jose, California. Cisco is the world's largest provider of networking equipment and one of the top software companies globally.
The company's core business revolves around selling networking hardware and software, including leading market shares in these sectors. Cisco is also a prominent player in cybersecurity with products like firewalls, and offers collaboration tools such as the Webex suite. Additionally, Cisco provides observability tools to enhance network visibility and performance.
Recent achievements underscore Cisco's commitment to innovation and sustainability. For instance, the Cisco Foundation is actively working on environmental protection projects in the Amazon Basin, highlighting the company's dedication to Corporate Social Responsibility (CSR). Cisco is also at the forefront of AI and data security, unveiling groundbreaking solutions like Cisco Hypershield to protect modern workloads across various platforms.
Cisco is investing heavily in emerging technologies. The company recently launched a $1B AI investment fund to support the startup ecosystem and advance AI solutions, reflecting Cisco's strategic focus on innovation and customer needs in the AI era.
Financially, Cisco continues to perform robustly with substantial investments in R&D, strategic acquisitions, and partnerships. In Q3 FY 2024, Cisco reported revenue of $12.7 billion, demonstrating resilience and adaptability in a dynamic market environment. The acquisition of Splunk, a leading data platform, further strengthens Cisco’s product portfolio and market position.
With a workforce of 80,000 employees across 90 countries, Cisco's global reach is vast. The company outsources its manufacturing but maintains a substantial sales and marketing team to drive global sales. Key partnerships with tech giants like NVIDIA further bolster Cisco's capabilities in AI and cybersecurity.
Overall, Cisco Systems, Inc. is a powerhouse in digital communications, continuously innovating to meet the evolving needs of its customers while maintaining a strong commitment to sustainability and corporate responsibility.
Cisco has announced its participation in key financial conferences in December 2022. Notable sessions include the Raymond James Technology Investors Conference on December 6 at 6:45 a.m. PT, featuring Kip Compton, and the Barclays Global Technology, Media and Telecommunications Conference on December 7 at 12:10 p.m. PT, with Bill Gartner as a speaker. Interested parties can view the events via Cisco's Investor Relations website. This activity highlights Cisco's ongoing engagement with the financial community.
Insight Enterprises has been awarded three prestigious titles by Cisco for 2022: Americas Commercial Partner of the Year, USA East Innovation Partner of the Year, and Canada SMB Partner of the Year. These accolades highlight Insight's commitment to innovative business practices and successful collaboration with Cisco in critical areas like cybersecurity and digital transformation. Insight is also recognized for its dedication to environmental sustainability through Cisco's global certification. The awards reflect Insight's ongoing ambition to be a leading solutions integrator in the modern digital landscape.
Cisco reported Q1 FY 2023 revenue of $13.6 billion, a 6% increase year over year, with non-GAAP EPS at $0.86, up 5%. GAAP EPS declined 7% to $0.65. Annualized recurring revenue rose 7% to $23.2 billion, with product ARR growing 12%. Remaining performance obligations reached $30.9 billion, up 3%. Guidance for Q2 FY 2023 indicates revenue growth of 4.5% to 6.5% and GAAP EPS of $0.59 to $0.64. Cisco aims to optimize its operations amid a restructuring plan, projecting $600 million in charges.
Team PoliMOVE won The Indy Autonomous Challenge Powered by Cisco at the Texas Motor Speedway on November 11, 2022, in a race featuring six autonomous teams. The competition showcased speeds exceeding 140 mph despite challenging weather conditions. Prof. Sergio Savaresi highlighted the critical AI driver maneuvers during the race, essential for future autonomous vehicle safety. Cisco's technology facilitated vital in-vehicle connectivity. The event attracted 1,800 STEM students, reinforcing Cisco's commitment to inspiring the next generation of innovators.
Cisco announced its participation in the Credit Suisse 26th Annual Technology Conference scheduled for November 29, 2022, at 10:40 a.m. PT. Senior Vice President, Kip Compton, will represent the company during this event. Interested investors can view the session via Cisco's Investor Relations website.
Cisco has announced a conference call scheduled for November 16, 2022, at 1:30 PM PT to discuss its Q1 fiscal year 2023 financial results, covering the period ending October 29, 2022. Financial results will be released via PR Newswire after market close on the same date. Interested listeners can join via telephone or internet; a playback option will be available from November 16 to November 23, 2022. Cisco, listed under the ticker CSCO, is recognized as a leader in internet technology.
Ribbon Communications announced the launch of Ribbon Connect for Webex, enhancing the ability of telecom providers to offer telephony services globally. This SaaS solution simplifies the integration with Webex Calling, facilitating faster access to new revenue streams for service providers. It is designed to reduce the complexity and costs associated with cloud migrations, providing customers with a wider range of PSTN options. The collaboration aims to empower service providers to retain clients moving to cloud-based solutions.
Cisco has expanded its partner program by introducing six new solution specializations, reflecting current customer demands and market opportunities. These specializations cover areas such as hybrid cloud, hybrid work, and secure access service edge (SASE). This evolution aids partners in identifying their expertise and offers customers a clearer selection process when choosing partners. The move aims to enhance competitiveness and recognizes the significance of multi-architectural knowledge. Cisco emphasizes the importance of specialization, noting that it is the top criterion for 74% of customers.
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