Tech

Cisco announces plan to leave Russia and Belarus

Cisco has announced plans formally leaving Russiaits business operations in Russia and Belarus were terminated in response to the invasion of Ukraine earlier this year.

The networking company first did a statement of 3 March, declaring that it would suspend all business operations in Russia and Belarus “for the foreseeable future.” On Thursday, the company issued another statement, noting that it was “closely monitoring” the war in Ukraine and as a result, it was decided to start “orderly winding up of our business in Russia and Belarus. . “

“Cisco remains committed to using all of its resources to assist our employees, the Ukrainian institutions and people, and our customers and partners during this challenging period,” the statement said.

On an earnings call in April, Cisco Chief Financial Officer Scott Herren told analysts that Russia, Belarus and Ukraine combined accounted for about 1% of the company ‘s total revenue.

However, he noted that the decision to suspend business operations in Russia and Belarus had a negative impact on revenue, costing the company “about $ 200 million or two percentage points of growth.”

What are other companies doing?

In the days following the initial Russian invasion, a long list of Western technology companies that suspended operations in Russia began to grow.

Copyright © 2022 IDG Communications, Inc.



Cisco announces plan to leave Russia and Belarus

Source link Cisco announces plan to leave Russia and Belarus

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