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Virtual Private Networks (VPNs)

Reuters | Equities.com |

Cisco Systems Inc on Thursday reported a smaller-than-expected drop in first-quarter revenue as more people working from home during the COVID-19 pandemic drove demand for its teleconferencing tools, networking equipment and cybersecurity products.

Shares of the telecom equipment maker, which also said Scott Herren will succeed Kelly Kramer as chief financial officer starting Dec. 18, surged nearly 9% in extended trading.

After the coronavirus-driven lockdowns started earlier this year, demand for the company’s videoconferencing platform Webex, virtual private network AnyConnect and cybersecurity products surged as offices remained shut with more people working remotely.