Networking and telecommunications hardware company Cisco continued to face challenges in 2021 as cloud computing grows in prominence. It dropped 11 spots on the Fortune 500, and its revenue remained relatively stagnant, increasing only 1% to $49.8 billion. The company’s early-2021 acquisitions—including communications software firm IMImobile and optical communications company Acacia Communications—haven’t yet done much to change the company’s growth trajectory. The ongoing global semiconductor shortage has also crimped sales of Cisco’s core hardware products.