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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 reported its Q4 and fiscal year 2024 earnings, highlighting both growth and declines. Q4 FY 2024 revenue was $13.6 billion, a 10% drop year-over-year. GAAP EPS decreased by 44% to $0.54, while Non-GAAP EPS decreased by 24% to $0.87. However, product order growth was strong at 14% YoY.
Total revenue for FY 2024 was $53.8 billion, down 6%. GAAP EPS decreased by 17% to $2.54, and Non-GAAP EPS decreased by 4% to $3.73. The Splunk acquisition contributed $4.3 billion to ARR, boosting it by 22% to $29.6 billion. Software revenue reached $18.4 billion, up 9% YoY.
Guidance for Q1 FY 2025 estimates revenue between $13.65-$13.85 billion and Non-GAAP EPS between $0.86-$0.88. For FY 2025, revenue is projected between $55.0-$56.2 billion, with Non-GAAP EPS between $3.52-$3.58.
A quarterly dividend of $0.40 per share is declared, to be paid on October 23, 2024.
Cisco explores how hybrid work can advance sustainability in the workforce. A Gartner survey found that 44% of workers worldwide have adopted a hybrid model, surpassing full-time office workers. Hybrid work can reduce commute-related emissions and improve employee well-being, productivity, and engagement.
Cisco's technology, including Webex, AnyConnect VPN, and ThousandEyes, enables secure remote work. The company's Smart Building solutions optimize workplaces for sustainability. Cisco aims for 100% of new products and packaging to incorporate Circular Design Principles by FY2025.
Hybrid work supports inclusivity, with features like real-time translation and AI enhancements. However, many organizations struggle to implement effective strategies. Cisco's approach, as stated by CEO Chuck Robbins, is that 'The office is a magnet, not a mandate,' emphasizing the importance of flexibility in advancing sustainability and inclusivity in the workforce.
Cisco, celebrating nearly 40 years of connecting the world through technology, continues to explore how emerging technologies can address social challenges. The company invests in organizations creating tech-enabled solutions for significant social impact. BBC StoryWorks is showcasing Cisco's global non-profit partnerships in a series called 'The Human Component', featuring:
1. Replate: A platform connecting organizations with surplus food to communities facing food insecurity.
2. Bridges to Prosperity: Using mapping technology to build bridges in Uganda, ending rural isolation and poverty.
3. Code.org: Providing programs for students to learn coding and ethical use of technology.
These partnerships aim to break down barriers to opportunity, forge human connections, and create thriving communities, aligning with Cisco's commitment to powering an inclusive future for all.
Cisco highlights its commitment to environmental conservation through partnerships with various organizations as part of its Plan for Possible sustainability strategy. The company supports initiatives like:
1. Reconnecting Northland in New Zealand, which helps community groups protect biodiversity and improve ecosystem health.
2. NetHope's Climate Intersections Grant program, supporting the Wildlife Conservation Society's use of digital solutions for global conservation efforts.
3. Farmers for Forests in India, combating deforestation using geospatial and drone technology for agroforestry projects.
4. Yayasan Konservasi Alam Nusantara (YKAN) in Indonesia, utilizing AI-powered FishFace technology to manage fisheries and preserve marine biodiversity.
These partnerships demonstrate Cisco's commitment to fostering innovative solutions and global collaborations to protect ecosystems and create a sustainable future.
Cisco (NASDAQ: CSCO) has announced a conference call scheduled for August 14, 2024, at 1:30 PM (PT) to discuss its fourth quarter and fiscal year 2024 financial results. The financial results, covering the period ending July 27, 2024, will be released via PR Newswire after market close on the same day. Investors can access the call via telephone or listen to a live audio broadcast with corresponding slides on Cisco's investor relations website. A telephone playback will be available from August 14 to August 20, 2024, and an archived version of the webcast will be accessible on Cisco's Investor Relations website.
The AI-Enabled ICT Workforce Consortium, led by Cisco (NASDAQ: CSCO), has released a report titled 'The Transformational Opportunity of AI on ICT Jobs'. The study analyzes AI's impact on top technology jobs and outlines training opportunities. Key findings include:
- 92% of ICT jobs analyzed are expected to undergo high or moderate transformation due to AI advancements.
- Entry-level and mid-level ICT professionals are at the forefront of AI transformation.
- Essential skills for AI preparedness include AI literacy, data analytics, and prompt engineering.
The report provides a Job Transformation Canvas for 47 ICT roles across seven job families. Consortium members, including Cisco, IBM, Intel, Microsoft, and SAP, have committed to training over 95 million individuals in digital and AI skills over the next decade.
Cisco's MentorMe program, aimed at promoting diversity in STEM fields, particularly for female tertiary students in Australia and New Zealand, has been a transformative experience for mentor Sadaf Soroush. The program addresses the underrepresentation of women in technology-related roles by providing hands-on exposure to the latest technology and diverse roles within Cisco. Key aspects of the mentorship include:
1. Personalized 1:1 mentoring sessions
2. Networking opportunities within Cisco
3. Guidance on personal branding
4. Setting and achieving SMART goals
5. Ongoing support and encouragement
The program has not only empowered mentees but also contributed to Soroush's professional growth. The deep bonds formed and the progress of mentees reinforce the power of mentorship in shaping futures. Cisco's commitment to empowerment and inclusivity resonates with Soroush, making it an exceptional workplace.
Cisco Systems Inc. is supporting Simprints, a nonprofit developing biometric ID technology with a focus on privacy and ethical AI. Simprints' facial recognition solution aims to provide safe digital identities for the 850 million people globally lacking formal ID. With Cisco's Global Impact Grant, Simprints is advancing ethical, inclusive AI for face recognition and making it open source.
Key points:
- Simprints' biometric solutions are 12.5% more accurate and 3 times faster than paper records
- The technology is used in various countries for healthcare and humanitarian aid
- Simprints aims to reduce bias in face recognition models through diverse datasets
- The company plans to reach 20 million people with healthcare and humanitarian aid
Cisco has committed to supporting Historically Black Colleges and Universities (HBCUs) with a $150 million donation over 5 years for STEM education and technology modernization. The company is co-innovating with HBCUs in four key areas: supporting STEM students, building technological excellence, promoting success, and advancing information sharing. To date, Cisco has:
- Donated $66 million in services and software to HBCUs
- Completed 46 NIST assessments and 30 technology installations
- Preserved $1.5 billion in HBCU Title IV funding through NIST compliance
- Launched the Cisco Cyber Academy at Denmark Technical College
The partnership with Denmark Tech has led to the graduation of 59 students from a comprehensive cybersecurity training program, aiming to address the global shortage of cybersecurity experts and create opportunities for underserved communities.
Cisco Systems has been recognized for its significant strides in LGBTQ+ inclusion, earning an Ambassador-level rating of 78% in the 2023 Workplace Pride Impact Awards. This score marks Cisco's highest achievement in the ten years of participation and reflects a 26% year-over-year improvement, making it one of the most improved companies. Cisco also topped the Information & Communication Industry category. Key initiatives such as visible leadership support, the LGBTQ+ Social Justice Fund, introduction of pronouns in the Employee Central Directory, the Self-ID program, and Gender Affirmation policies contributed to this success. The recognition underscores Cisco's commitment to creating an inclusive environment for LGBTQ+ employees.
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