Cisco Live was held last week in what has become my second home, Las Vegas. I had dubbed this the most important Cisco Live in the Chuck Robbins era, as the company is looking to put a stake in the artificial intelligence ground. Simultaneously, Cisco Systems Inc. is integrating its Splunk acquisitions and reshaping the security business in real time. For most companies, doing one of these things would be all-encompassing, but these are not typical times.
At VeeamON 24 last week in Florida, the opening general session was kicked off by Tamecka McKay, chief information officer for the City of Fort Lauderdale, who touted the city as an economic hub with industries as diverse as aviation, technology, finance, marine, and tech — and no state tax. The city is also home to soccer phenom Lionel Messi. After introducing Veeam Inc. Chief Executive Anand Eswaran (pictured), McKay discussed her current challenges and those she faced as CIO of the Broward County Public Schools — everything from 1,000-year floods to ransomware attacks.
The 2024 edition of Cisco Systems Inc.’s global user event Cisco Live is particularly important, as artificial intelligence has redefined networking, security, observability and collaboration. The fundamental tenet of my research is that share shifts happen when markets transition, putting the incumbent vendors at risk if they don’t evolve with the industry. In the past, Cisco has leveraged market transitions to grow its share in switching, voice-over-internet-protocol, Wi-Fi, security and other areas.
The annual Cisco Live 2024, to be held June 2-6 in Las Vegas, will boast Elton John as the music artist performing at the Wednesday night celebration event, as well as seven-time Super Bowl champion Tom Brady and Formula 1 driver Oscar Piastri as special guests. However, while those names create exciting entertainment, the more than 20,000 attendees are there to learn the latest and greatest in Cisco Systems Inc. technology and innovation.
The day after Cisco Systems Inc. announced its third-quarter 2024 earnings, investors are wavering on the results, as the stock was falling 2% this morning, reversing a 5% jump after-hours Monday. The company reported revenue of $12.7 billion, down 13% year-over-year — 16% without Splunk — and $70 million ahead of consensus estimates. Gross margins remain best-in-class for an infrastructure vendor at 68.3%.