Welcome to our dedicated page for Cisco Systems news (Ticker: CSCO), a resource for investors and traders seeking the latest updates and insights on Cisco Systems stock.
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.
On Oct. 7, 2020, Internet2 announced a strategic alliance with Cisco to enhance the U.S. research and education infrastructure. This agreement aims to establish a national R&E network with 400 Gbps capacity and on-demand cloud connectivity, significantly reducing carbon emissions by 668 metric tons annually. Cisco's technology, including the 8200 series routing platform, will support diverse research initiatives and improve network performance by utilizing advanced software orchestration.
Cisco has announced new Webex innovations aimed at enhancing remote and in-office work experiences. A global survey found that 95% of employees are uncomfortable returning to the office due to the ongoing health crisis. Key updates include improved video meeting features, new environmental sensors, and the Webex Room Navigator for smarter meeting management. These innovations are designed to optimize workspace utilization and ensure safety as companies prepare for a hybrid work model. Cisco's goal is to create a collaboration experience that is significantly better than in-person meetings.
Cisco announced the completion of its acquisition of BabbleLabs, aimed at enhancing video meeting experiences through advanced noise removal and speech enhancement technology. This AI-driven technology, currently in customer trials, is set for general availability for Webex Meetings and select Webex Room devices in October. The integration is expected to deliver superior audio quality for users, contributing to a smarter and more productive experience on the Webex platform.
Cisco will host a conference call on October 5, 2020, at 8:00 am PT featuring speakers Gee Rittenhouse and Rakesh Chopra to discuss next-generation security and silicon architectures. The event will be moderated by Paul Silverstein from Cowen. A webcast will be available, with a replay accessible one month later. Participants can find details on Cisco's Investor Relations website. Notably, no financial information will be disclosed during the call.
Cisco announced a quarterly cash dividend of $0.36 per common share, payable on October 21, 2020, to shareholders on record as of the close of business on October 2, 2020. This dividend matches the previous quarterly payment made on July 22, 2020. The declaration reflects Cisco's commitment to returning capital to shareholders while remaining subject to future Board approval.
The 2020 Small Business Digital Maturity Study, commissioned by Cisco, reveals that small businesses could contribute $2.3 trillion to global GDP by 2024, driven by digitalization efforts accelerated by the COVID-19 pandemic. Approximately 70% of businesses are enhancing digital capabilities to navigate changes and improve revenue resilience. The study indicates that small businesses in North America and Western Europe are more digitally advanced, with only 25% achieving the highest maturity stage. Key challenges include cashflow issues and a skills shortage, underscoring the necessity of technology adoption for survival.
Cisco announced its participation in several financial community conferences in September 2020. The events include the Citi 2020 Global Technology Conference on September 10, featuring Jonathan Davidson, and the JP Morgan U.S. All Stars Conference on September 16, with Wendy Mars. Webcasts for sessions can be accessed via Cisco's Investor Relations website. This engagement showcases Cisco's ongoing commitment to transparency and investor relations amidst its leadership in Internet technology.
Cisco announced its intent to acquire BabbleLabs, enhancing its Webex platform with advanced AI-driven noise removal and speech enhancement technology. This acquisition aims to improve video meeting experiences by minimizing distractions from background noise, thus promoting user productivity. The integration will uphold Cisco's commitment to customer privacy and security by processing noise removal at the source. The deal is expected to close in Q1 of Cisco's FY21, pending regulatory approvals. Cisco's Collaboration platform is trusted by 95% of the Fortune 500.
On August 19, 2020, Cisco announced a multi-year partnership with Riot Games, becoming the Official Enterprise Networking Partner for League of Legends Esports. This collaboration aims to enhance network performance by 200% during the 2020 World Championships and facilitate the construction of Remote Broadcast Centers (RBCs) globally. Cisco's technology will support competitive integrity and improve gameplay performance, enabling pro players to achieve sub-1ms ping. The initiative is expected to boost the esports broadcasting experience for fans worldwide.
Cisco reported Q4 FY 2020 results with revenue of $12.2 billion, a 9% decline year over year. Net income on a GAAP basis was $2.6 billion with GAAP EPS at $0.62, a 22% increase from the previous year. However, non-GAAP EPS decreased 4% to $0.80. For the fiscal year, total revenue was $49.3 billion, a 5% decrease, with GAAP EPS growing 1% year over year. Looking ahead, guidance for Q1 FY 2021 indicates a revenue decline of 9% to 11% year over year, with EPS expected between $0.41 to $0.47.
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