According to sources , some time ago , the technology giant – Cisco was revealed to be planning to increase $1 billion as operating expenses to help solve the growing problem of talent shortage and loss in the technology field. Cisco plans to increase operating expenses by about $1 billion over the next year , part of which will be used to boost employee compensation to prevent employees from leaving, according to people familiar with the matter.
Cisco Chief Executive Chuck Robbins has told executives that the company will increase operating expenses by $1 billion over the next 12 months, in part to slow the recent uptick in employee departures.
Cisco just released its fiscal fourth-quarter earnings for this year a few days ago, but executives didn’t discuss plans to raise operating costs on a conference call. Cisco’s revenue was flat in the final quarter of the fiscal year, even though it expected in May that revenue would fall 1% to 5% in the fourth quarter.
Cisco reported fourth-quarter net income of $3.4 billion, down 3 percent. Earnings per share were $0.83, down 1% year over year. The company’s revenue beat Wall Street’s forecast of $12.78 billion.
Cisco has cut operating expenses over the past 12 months, adding a surprising $1 billion to it. The tech giant has been battling macro factors affecting its profits in recent months, including international tensions, a resurgence of the COVID-19 outbreak and supply chain challenges.
Earlier this month, Todd Nightingale, senior vice president and general manager of Cisco’s enterprise networking and cloud business, announced his departure to join edge cloud company Fastly as the company’s new chief effective Sept. 1. executive officer.
Prashanth Shenoy, a marketing executive at Cisco for more than 20 years, also revealed on LinkedIn this month that he had left and joined VMware, where he was responsible for cloud platforms, infrastructure and Vice President of Solutions Marketing.
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