Cisco Systems posted its biggest product bookings quarter in more than a decade and strong 2021 earnings, but Cisco isn't immune to supply chain issues, according to Cisco CEO Chuck Robbins during Cisco's Q4 2021 earnings call on Wednesday.
Cisco Systems had its largest product bookings quarter in more than a decade, proving that enterprise IT spending is bouncing back from the COVID-19 pan.
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For the first time since the start of the COVID-19 pandemic, Cisco Systems saw growth across all its businesses, including its Infrastructure segment, which bounced back as enterprises prioritized return to office transformations and hybrid work.
Cisco now has one of the largest software businesses in the industry with an annual run rate of north of US$14 billion in software revenue, said Cisco Chairman and CEO Chuck Robbins.
During Q3 2021, which ended May 1, the tech giant achieved US$3.8 billion in software revenue. Software subscriptions accounted for 81 percent of its total software revenue, up sequentially from Q2 2021’s result of 76 percent, as interest in subscription-based solutions grow, the company said.
Cisco CEO Chuck Robbins: ‘If We Can Deliver From The Cloud, We Will’
The tech giant is continuing its software and subscriptions push while transitioning the majority of its portfolio to as-a-service models in the midst of soft enterprise and infrastructure revenues. By Gina Narcisi February 09, 2021, 06:20 PM EST
Cisco Systems is counting on consumption flexibility and a continued focus on software and cloud-based solutions to drive innovation and growth as its infrastructure segment and enterprise revenues struggle to bounce back from the financial impact of the COVID-19 pandemic.
To help smooth the digital transformation journey for customers, the tech giant is building enterprise networking solutions with built-in security, agility and automation that can be consumed as a service, said Cisco Chairman and CEO Chuck Robbins (pictured) on Tuesday during the company’s quarterly call with analysts.