Key Takeaways
- Cisco’s Webex now lets employees message clients on WhatsApp through a LeapXpert integration that adds compliance checks and conversation archiving, available immediately.
- Collaboration revenue reached $4.30 billion in fiscal 2026, up 3.5%, while Networking jumped 22.5% to $34.67 billion.
- Cisco trades at 21.93x NTM earnings, a multiple driven far more by AI networking demand than by Webex.
Cisco’s Webex Adds WhatsApp for Regulated Industries
On October 5, LeapXpert and Cisco (CSCO) launched an integration that lets Webex users message external clients on WhatsApp without leaving Webex. Every message passes data loss prevention checks in both directions and is captured for archiving.
The target is regulated businesses such as financial services and government, where client conversations already happen on messaging apps outside approved systems. “The conversations that matter most to a business already happen outside the systems it controls,” said LeapXpert co-founder Avi Pardo.
The tool is available now on the Webex App Hub, timed with Cisco’s WebexOne conference. It requires a separate Leap Work account alongside a Webex license, and pricing was not disclosed.
Webex serves roughly 300,000 organizations, including 95% of the Fortune 500, according to the release.
Collaboration grew 12% in Cisco’s fiscal Q4, its best quarter in 7 years. Track Cisco’s Collaboration revenue on TIKR for free →
Why Webex Barely Moves CSCO Stock
Collaboration is growing again, but slowly. Revenue rose from $4.11 billion in fiscal 2024 to $4.30 billion in fiscal 2026, while Networking climbed to $34.67 billion, about eight times larger.
That puts Collaboration at roughly 7% of Cisco’s $63.3 billion in fiscal 2026 revenue. Momentum did improve late in the year, with CEO Chuck Robbins calling Q4 “the best quarterly performance in 7 years” for the unit, helped by 40% growth in video devices.
Investors are paying for something else. Cisco trades at 21.93x NTM normalized earnings, above its 20.66x one-year average but below the 27.66x peak in early June.
That multiple rests on what Robbins calls a “networking super cycle.” Cisco took $9.3 billion in AI infrastructure orders from hyperscalers in fiscal 2026 and guided to $72.2 billion to $73.4 billion in fiscal 2027 revenue.
Features like the WhatsApp integration help keep Webex relevant with compliance-heavy customers, and they support a recovery that is already showing up in orders. But Networking remains the variable that matters for the stock, and Cisco’s fiscal Q1 report on November 12 is the next check on whether that demand is holding.
Cisco reports fiscal Q1 results on November 12. Follow CSCO’s estimates and valuation ahead of earnings on TIKR for free →
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