Cisco is still living off of the innovation created in the 90s. Since 2001, it's just been a bank - collecting checks from their installed base and distributing the profits to shareholders and senior executives.
Cisco hasn't delivered any significant market innovation for two decades. This is why employees have an annual target on their backs. The senior executives have to ensure they can pump up the stock price via cost savings to pay for their second and third homes.
This is it. @1fav+1m0UkFkM hit the nail on the head.