Cisco Systems, Inc. is an American multinational technology conglomerate headquartered in San Jose, California, in the center of Silicon Valley. Cisco develops, manufactures and sells networking hardware, telecommunications equipment and other high-technology services and products. Through its numerous acquired subsidiaries, such as OpenDNS, WebEx, Jabber and Jasper, Cisco specializes into specific tech markets, such as Internet of Things (IoT), domain security and energy management.
Cisco stock was added to the Dow Jones Industrial Average on June 8, 2009, and is also included in the S&P 500 Index, the Russell 1000 Index, NASDAQ-100 Index and the Russell 1000 Growth Stock Index.
Cisco Systems was founded in December 1984 by Leonard Bosack and Sandy Lerner, two Stanford University computer scientists. They pioneered the concept of a local area network (LAN) being used to connect geographically disparate computers over a multiprotocol router system. By the time the company went public in 1990, Cisco had a market capitalization of $224 million. By the end of the dot-com bubble in the year 2000, Cisco had a more than $500 billion market capitalization.
According to the company, Covid-19 lockdowns in China and the war between Russia and Ukraine have been the key factors that affected its financial results.
Despite the Dow Jones slump, it was not all bad for the global stock market on Thursday as a number of corporations that shared their earnings report helped provide the cushion the market needed.
