News summary:AI-powered innovations build customers' digital resilience by uniquely combining the power of the network with industry-leading security, observability, and data, simplifying adoption, and offering visibility and insight across the entire digital footprint.Cisco Investments has launched a $1 Billion Global AI Investment Fund to advance industry innovation and customer readiness, and support Cisco's strategy to connect and protect organizations in an AI-powered future.This year's show headlined ...

Remote-First-Company | NEW YORK CITY & LAS VEGAS, NV, June 04, 2024 (GLOBE NEWSWIRE) -- VAST Data, the AI data platform company, today at Cisco Live 2024, announced it is collaborating with Cisco (NASDAQ:CSCO), the leader in enterprise networking and security, and NVIDIA on a solution to offer enterprises simple, ​​high performance AI infrastructure coupled with an Ethernet-based AI fabric to handle large volumes of data at exabyte scale. Through this new relationship, the VAST Data Platform, which offers ...

Cisco Systems (CSCO) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Over the past month, shares of this seller of routers, switches, software and services have returned -1%, compared to the Zacks S&P 500 composite's +3.2% change. During this period, the Zacks Computer - Networking industry, which Cisco falls in, has lost 0.9%. The key question now is: What could b ...

In this articleCSCOSurasak Suwanmake | Moment | Getty ImagesCisco's ThousandEyes internet monitoring unit on Monday unveiled new artificial intelligence-powered capabilities it said will allow for much faster prediction and diagnosis of internet outages and disruptions.The company said its new AI tech, called Digital Experience Assurance, or DXA, would enable customers of Cisco's networking technology to introduce the ability to automatically act on issues in their network quality.This is opposed to what is ...

Cisco Systems (CSCO) is expanding its footprint into the realm of integrated infrastructure and networking solutions through its recent collaboration with Lenovo Group (LNVGY) to accelerate digital transformation for businesses worldwide.The partnership between Cisco and Lenovo aims to deliver fully-integrated solutions designed to streamline and expedite the digital transformation journey for organizations of all sizes.By combining Lenovo’s edge-to-cloud portfolio with the Cisco Nexus networking ecosystem, ...

Budget-friendly console server product and dual-CPU NVIDIA platform help organizations protect their infrastructure and AI investments.FREMONT, Calif., May 28, 2024 /PRNewswire/ -- ZPE Systems, a leader in network infrastructure and management solutions that is now part of Legrand, launches two new products at Cisco Live Las Vegas: the Nodegrid Serial Console Core Edition and the Nodegrid Gate SR platform with embedded NVIDIA Jetson Orin Nano™ module. These innovative products will empower organizations to ...

While the innovation ecosystem generally focuses on growth opportunities, investors seeking a more balanced approach can elect tech stocks with passive income. These ideas are established businesses that may not have the outright capital gains potential of their high-flying peers. However, they pay dividends, which could come in handy.Notably, the Federal Reserve may decide to cut interest rates down the line. That’s still a tricky issue but if a dovish policy does materialize, private enterprises that pay ...

It’s been an incredible year for growth stocks. As measured by the Nasdaq 100 Index, growth stocks have rallied 35% over the past 12 months. And starting from the Fall 2022 lows, the Nasdaq 100 has now rallied more than 70% in total. But investors haven’t completely missed out on easy money with these growth stocks at 52-week lows.Certainly, valuations have gotten rather stretched in a lot of leading areas like AI and semiconductor manufacturers. However, even amid this seemingly non-stop tech stock bull ma ...

John Chambers, CEO of Cisco, at the 2015 CGI Annual Meeting in New York.Adam Jeffery | CNBC Artificial intelligence will power the stock market for the next decade, former Cisco CEO John Chambers told CNBC on Wednesday.Chambers, who is also the founder and CEO of JC2 Ventures, said that AI will not only determine the winners and losers of the tech sector, but that shares related to the technology will likely outperform non-AI stocks about three to one on returns."AI will power the stock market for the next ...

Revenue Performance - Total revenue for the three months ended April 27, 2024, decreased by 13% to $12,702 million compared to $14,571 million for the same period in 2023[184]. - Total revenue for the nine months ended April 27, 2024, decreased by 4% to $40,161 million compared to $41,795 million for the same period in 2023[184]. - Total revenue decreased by 13% in the three months ended April 27, 2024, compared to the same period in 2023, with product revenue down 19% and service revenue up 6%[210]. - For the first nine months of fiscal 2024, total revenue decreased by 4%, with product revenue down 7% and service revenue up 5%[210]. - Americas revenue decreased by 15% in Q3 fiscal 2024, while EMEA and APJC revenues decreased by 9% and 12%, respectively[210]. Product and Service Revenue - Product revenue decreased by 19%, while service revenue increased by 6% in the third quarter of fiscal 2024[187]. - Total product revenue decreased by 19% to $9.024 billion for the three months ended April 27, 2024, compared to $11.092 billion for the same period last year[221]. - Service revenue increased by 6% to $3.678 billion for the three months ended April 27, 2024, compared to $3.479 billion for the same period last year[230]. - Total service revenue increased by 5% to $10.766 billion for the first nine months of fiscal 2024 compared to $10.303 billion for the same period last year[230]. - Security product revenue increased by 36% to $1.304 billion for the three months ended April 27, 2024, primarily driven by the contribution of Splunk offerings[224]. Income and Earnings - Net income for the three months ended April 27, 2024, was $1,886 million, a decrease of 41% compared to $3,212 million in the same period in 2023[184]. - Diluted earnings per share decreased by 41% to $0.46 for the three months ended April 27, 2024[184]. - Operating income for the third quarter of fiscal 2024 decreased by 44% to $2,191 million, with operating income as a percentage of revenue dropping to 17.2% from 27.1% in the same period last year[250]. - The company reported earnings per share of $0.40 for the quarter ended April 27, 2024, an increase from $0.39 in the previous quarter[262]. Expenses and Margins - Total gross margin increased by 1.7 percentage points to 65.1% for the three months ended April 27, 2024[184]. - Product gross margin for the three months ended April 27, 2024, was 63.5%, an increase of 0.8 percentage points from 62.7% in the prior year[234]. - Service gross margin for the three months ended April 27, 2024, increased to 69.2%, up from 65.4% in the same period last year, primarily due to lower headcount-related costs and higher sales volume[237]. - R&D expenses for the three months ended April 27, 2024, were $1,948 million, a decrease of 1% from $1,962 million in the prior year[241]. - Sales and marketing expenses for the three months ended April 27, 2024, increased to $2,559 million, up 1% from $2,526 million in the same period last year[241]. - General and administrative expenses for the three months ended April 27, 2024, rose to $736 million, a 15% increase from $641 million in the prior year[241]. Cash Flow and Debt - Cash provided by operating activities for the nine months ended April 27, 2024, was $7,150 million, down from $13,920 million in the same period in 2023[193]. - Free cash flow for the first nine months of fiscal 2024 was $6,678 million, down from $13,304 million in the same period last year[261]. - Total debt increased significantly to $31,993 million as of April 27, 2024, compared to $8,391 million as of July 29, 2023[193]. - Cash and cash equivalents decreased by $1,210 million to $8,913 million as of April 27, 2024, primarily due to a net outflow of $27.4 billion for the acquisition of Splunk[260]. Acquisitions and Investments - The acquisition of Splunk contributed $413 million to total revenue in the third quarter of fiscal 2024[187]. - The acquisition of Splunk contributed $221 million to product revenue in the Americas segment for the third quarter of fiscal 2024[215]. - The acquisition of Splunk contributed $76 million to product revenue in the EMEA segment for the third quarter of fiscal 2024[216]. - Amortization of purchased intangible assets increased to $551 million in the third quarter of fiscal 2024, primarily due to the acquisition of Splunk, which accounted for $187 million of this increase[248]. - The company plans to reinvest substantially all cost savings from restructuring plans into key priority areas, indicating a focus on strategic investments[249]. Tax and Interest - The effective tax rate was 15.6% for Q3 fiscal 2024, compared to 18.8% for Q3 fiscal 2023, and 17.1% for the first nine months of fiscal 2024, compared to 20.2% for the same period in fiscal 2023[204]. - Interest income for the third quarter of fiscal 2024 increased to $411 million, up from $262 million in the same period last year, driven by higher average cash balances and interest rates[253]. - The company expects lower interest income in future periods due to a decrease in cash balances and higher interest expenses from increased debt[253]. Stockholder Returns - Total cash returned to stockholders in the form of dividends and stock repurchases amounted to $8.6 billion in the first nine months of fiscal 2024[260]. - The company declared a quarterly dividend of $0.40 per common share, to be paid on July 24, 2024[262]. - The remaining authorized amount for stock repurchases is approximately $7.2 billion[262]. Inventory and Receivables - Accounts receivable decreased by approximately 12% to $5,127 million as of April 27, 2024, compared to $5,854 million at the end of fiscal 2023[262]. - Inventory decreased by 14% to $3,118 million as of April 27, 2024, from $3,644 million at the end of fiscal 2023[264]. - Financing receivables decreased by 2% to $6,694 million as of April 27, 2024, compared to $6,835 million at the end of fiscal 2023[266]. - The volume of channel partner financing was $6.1 billion for the third quarter of fiscal 2024, down from $8.3 billion in the same period of fiscal 2023[266]. Foreign Exchange and Market Conditions - Foreign currency fluctuations decreased combined R&D, sales and marketing, and G&A expenses by approximately $3 million, or 0.1%, in the third quarter of fiscal 2024 compared to the same period in fiscal 2023[244]. - Foreign currency fluctuations increased combined R&D, sales and marketing, and G&A expenses by approximately $46 million, or 0.3%, in the first nine months of fiscal 2024 compared to the same period in fiscal 2023[279]. - The company conducts business globally, with approximately 70% of operating expenses denominated in U.S. dollars[279]. - A hypothetical 50 basis points increase or decrease in market interest rates would change the fair value of fixed-rate debt by approximately $0.7 billion[277].