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Splunk Jumps on Report That Cisco Made $20 Billion-Plus Offer

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Splunk Jumps on Report That Cisco Made $20 Billion-Plus Offering

(Bloomberg) — Splunk Inc. jumped as much as 16% in tardily trading on a report that Cisco Systems Inc. made an offering of more than $20 billion for the software visitor.

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The shares climbed as loftier as $133.25 post-obit the Wall Street Journal story, which cited unidentified people familiar with the state of affairs. The stock had airtight at $114.51 on Friday, down about 1% this year.

Cisco, which is set to report its latest results next calendar week, has been expanding its software and services — an attempt to rely less on its hallmark networking hardware. The company gave a lackluster forecast for revenue in Nov, injure by a shortage of components.

Cisco declined to comment, while Splunk didn’t immediately answer to a request for annotate.

Cisco has traditionally generated the bulk of its revenue from equipment that forms the backbone of computer networks, but that’due south been changing. Revenue from subscriptions and software volition reach 50% of Cisco’south total by fiscal 2025, the company predicted in September.

Cisco slipped in late trading, falling less than ane%. Information technology was down 15% this twelvemonth through the close.

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Source: https://finance.yahoo.com/news/splunk-jumps-report-cisco-made-020625904.html#:~:text=(Bloomberg)%20%2D%2D%20Splunk%20Inc.,billion%20for%20the%20software%20company.&text=The%20shares%20climbed%20as%20high,people%20familiar%20with%20the%20situation.

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