Cisco Puts Up $225 Million to Combat Spread of COVID-19
The News: Cisco plans to dedicate $225 million in cash and services to support various causes dedicated to combating the spread of the coronavirus and helping those affected.
The investment, which includes $8 million in cash and $210 million in products, will be dispersed to a variety of groups including the United Nations Foundation’s COVID-19 Solidarity Response Fund and the World Health Organization’s various coronavirus efforts. Read the full story on Fortune.
Analyst Take: In a time where companies are having to think about business continuity and in some cases survival, the tech industry has been showing its resiliency despite some hard hits to their stocks by making substantial contributions to fighting the COVID-19 pandemic.
Cisco, a company that has a strong reputation of making significant investments in social good is making a very needed investment in its community by committing such a large amount of supplies and cash to the COVID-19 fight. What I like best is seeing technology companies like Cisco making these types of commitments without any self-serving intent–This truly is a time where these companies, which have benefitted significantly from a strong 10 year run. It is good to see Cisco recognize in the short term that fighting this is more important than propping up its stock or protecting its short term.
Big Tech Steps Up as a Whole – Microsoft, Amazon, Alibaba and more
Cisco’s commitment was one of the largest to date, but the industry as a whole has been showing solidarity and strength as CEO’s have been announcing their commitments to help. Some offering medical supplies, others making their services free, while some are putting up cash or a combination of all. This is exactly what we needed to have happen.
Overall, I believe Cisco is showing its leadership with this move. It isn’t the only move, but it is one of the most significant. This fight could be drawn out for many months, but the more resources that can be put toward its resolution, the better off society will be and the sooner we will get back to work. Well done Cisco–Great way to continue leading social good during such unprecedented times.
Futurum Research provides industry research and analysis. These columns are for educational purposes only and should not be considered in any way investment advice.
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Image Credit: Cisco
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