Cisco raises annual earnings forecast, announces $15 billion in share buybacks

The company, which sells routers, switches, security services and software products, has been heavily investing in its cloud offerings to keep up with the pandemic-fueled surge in demand for its videoconferencing platform Webex, virtual private network and cybersecurity products.

The company is also making new deals and acquisitions to build its software business as the scope for a hybrid-work model grows. " perhaps signals that Splunk is not going to happen because if they're giving $15 billion back, I would think they're not going to spend $20 billion on a company," said Scott Raynovich, principal analyst at Futuriom.

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