Cisco Systems Announces Leadership Changes with Gary Steele as New President, Go-to-Market
Cisco Systems announces leadership changes with Gary Steele becoming the new President, Go-to-Market, effective May 15, 2024. Steele brings a wealth of experience from previous roles at Splunk and Proofpoint, as well as tech giants like Sun Microsystems and Hewlett-Packard. Jeff Sharritts will be stepping down from his position, with Steele’s compensation package including a $1 million base salary, potential bonuses, and substantial equity awards. For more insights into Cisco Systems (CSCO) stock, investors can visit TipRanks’ Stock Analysis page.
Cisco Reports Better-Than-Expected Results Despite Revenue Drop
Cisco reported better-than-expected results for the fiscal third quarter despite a significant drop in revenue. The company’s earnings and guidance exceeded Wall Street’s estimates, leading to a positive reception from investors. Despite challenges in the public sector business, Cisco anticipates improvement and revised its fiscal 2024 revenue guidance, reflecting strategic initiatives and market expectations.
Cisco Completes Acquisition of Splunk, Enhancing Digital Visibility and Insights
Cisco completes acquisition of Splunk, enhancing visibility and insights across digital landscapes. Integration of network capabilities with leading security and observability solutions aims to empower teams to defend critical infrastructure and enhance network experience. Chuck Robbins, CEO of Cisco, excited about potential for revolutionizing how customers harness data. This development signifies a pivotal step in the evolution of Cisco’s offerings, highlighting its commitment to empowering organizations and fortifying their defenses against emerging threats.
Cisco Systems Inc. Reports 6% Annual Revenue Fall in Q2 2024
Cisco Systems Inc. reported a 6% annual fall in revenue for the second quarter of fiscal year 2024, reaching $12.8 billion, slightly above expectations. CEO Chuck Robbins commented on the solid performance and future growth opportunities, but Cisco’s shares dropped by 5% in after-hours trading.
Cisco to Announce Significant Restructuring, Potential Impact on Employees
Cisco, the networking titan, is set to announce a significant restructuring that could impact numerous employees. The move reflects a broader trend among tech firms to slash costs and redefine their businesses amid industry challenges. As the tech industry braces for an uncertain future, all eyes will be on how Cisco plans to navigate this new landscape.
Cisco Systems Launches Motific, a New SaaS Product for GenAI Deployment
Cisco Systems, Inc. has launched Motific, a new SaaS product designed to enable organizations to navigate the complex world of generative AI (GenAI) deployment. Motific aims to provide a central view across the entire GenAI journey, empowering central IT and security teams to rapidly deliver trustworthy GenAI capabilities across their organizations with control over sensitive data, security, responsible AI, and cost. With the expansion and breadth of access to GenAI, 97% of companies have reported an increased urgency to deploy AI-powered technology. Motific is positioned as a solution to address these challenges, designed to accelerate AI deployments with minimal investment, supporting the entire GenAI journey from assessment, through experimentation, to production.