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. reports developments across enterprise networking, security, collaboration, observability and AI infrastructure. Company news commonly covers quarterly earnings schedules, investor conference participation, new security and networking products, AI deployment architectures, industrial and wireless research, and governance updates such as board appointments.
Recent updates also highlight Cisco's work on AI security, Secure AI Factory with NVIDIA, quantum networking research through the Cisco Universal Quantum Switch, and reports on operational technology, wireless networks and cybersecurity readiness.
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.
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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.
Cisco Security Cloud continues to gain traction as announced during the Partner Summit, showcasing enhanced capabilities aimed at enhancing productivity and protection for organizations. Monthly multi-factor authentications surged by 38% year-on-year, signaling a strong focus on securing corporate resources. Cisco's investment in channel programs is designed to simplify operations for partners, making it easier for them to drive profitability. Innovations like Duo Passwordless Authentication and the Secure Firewall 3105 are key highlights, addressing increasing cybersecurity challenges.