Too much grapevine talk for this to be BS.
Cisco appears to have incorrectly over-stated its recurring revenue projection. By a lot. Hence we missed FY24 target and voila! low CPF and low bonus.
Seems Sales has (had?) a habit of giving away ‘extras’ en-masse (e.g. DNAC) and the company bean counters didn’t know about this. They just saw a list of what’s yet to be ‘adopted’ and presumed these ‘sales’ meant future renewals. But customers largely never wanted and didn’t pay. Fair enough.
So Mr Charles Robbins telling the market “it’s taking time for customers to absorb past purchases” appears to be code for ‘our weak internal processes sc--wed our projections’.
D’oh!