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Cisco Systems who reported 46% drop in quarterly profits is still determined to become a major player in the large display and consumer electronics market. The move comes as large enterprise and government departments cut back on high end network gear.
Cisco Systems who reported 46% drop in quarterly profits is determined to become a major player in the large display and consumer electronics market. The move comes as large enterprise and government departments cut back on high end network gear.
Chief Executive John Chambers said that the Company aims to grow by selling consumer camcorders to giant TV screens for stadiums to a new generation of wireless audio and video systems along with a new generation of set top boxes.
Cisco Chairman and CEO John Chambers in an address in the USA said that by expanding into new businesses, Cisco can replicate the success of new products it has launched in the past, “just at a much larger scale,” he said.
A potential problem for Cisco is that the Company is managed by committees similar to Philips. This say analyst’s slows down decision making processes which in the fast moving consumer electronics market will work against them.
A classic example they say is that early in 2008 arch rival Hewlett Packard started promoting a warranty for its switches that provides free upgrades and support. Under Cisco’s management structure, a decision about how to respond to H-P’s offering was delayed as it worked its way through multiple committees, these people said. Cisco didn’t match H-P’s promotion until this April, and during that period Cisco’s market share fell.
In the quarter ended July 25, Cisco’s revenue dropped to $8.5 billion from $10.4 billion a year ago. Profit was $1.1 billion, or 19 cents a share, down from $2.01 billion, or 33 cents, a year ago.
Cisco’s largest business, the Internet switches that pass data between computers, declined 11% to $12 billion in its fiscal year.
In Australia Cisco appear to have slowed down their consumer electronics push with the Company failing to launch their new Wireless audio and management system.
They have also failed to launch their Flip Camera and mid last month parted company with Graeme Reardon, Cisco’s regional director ANZ for consumer electronic products.
