Ancient tools, slowing moving giant. They love to talk about the buzzwords in technology but have no clue how to proceed. Management is filled with layers and layers of yes-men who are caught up in a cycle of incrementally modernizing their bloated products.
To "innovate", they purchase other companies - often started by Cisco employees themselves frustrated at the rate of change within Cisco. Then they layoffs start, and people are told they don't have the skills Cisco is looking for, when in reality it's the management which doesn't have the skills to lead.