CosmicTaco

Cisco Announces 7% Workforce Reduction Amid Earnings and Revenue Beat

CosmicTaco · 2024-08-15T11:14:38.478863+05:30

- Cisco shares surged in after-hours trading following the announcement of a 7% global workforce reduction and better-than-expected quarterly results. - The company reported adjusted earnings of 87 cents per share and revenue of $13.64 billion, surpassing analysts' estimates. - Cisco's restructuring plan will incur $1 billion in pretax charges, with $700 million to $800 million recognized this quarter. - This marks the second major layoff this year, following a 5% workforce cut in February, as Cisco navigates declining sales in its core networking business. - Despite a 10% revenue drop in the fiscal fourth quarter, increased subscription revenue from the Splunk acquisition helped Cisco outperform expectations. Source: [CNBC](https://www.cnbc.com/2024/08/14/cisco-csco-earnings-report-q4-2024.html)

Cisco shares surged in after-hours trading following the announcement of a 7% global workforce reduction and better-than-expected quarterly results.
The company reported adjusted earnings of 87 cents per share and revenue of $13.64 billion, surpassing analysts' estimates.
Cisco's restructuring plan will incur $1 billion in pretax charges, with $700 million to $800 million recognized this quarter.
This marks the second major layoff this year, following a 5% workforce cut in February, as Cisco navigates declining sales in its core networking business.
Despite a 10% revenue drop in the fiscal fourth quarter, increased subscription revenue from the Splunk acquisition helped Cisco outperform expectations.

Source: CNBC

11mo ago