Cisco reports Q4 revenue down 10% YoY to $13.64B, vs. $13.54B est., and says it's cutting 7% of its workforce, after cutting 5% in February 2024; CSCO jumps 5%+
Cisco shares popped in extended trading on Wednesday after the networking company said it's cutting 7% of its global workforce …
CNBC Ari Levy
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Discussion
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@donal888
Don Clark
on x
Besides Cisco's layoffs, a management shakeup means Jonathan Davidson gives up his role leading networking, the original core business that now seems more on par with security and collaboration. https://blogs.cisco.com/...
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@thetranscript_
@thetranscript_
on x
$CSCO CEO: “In terms of customer demand, as I mentioned earlier, we saw steady demand in Q4. This resulted in double-digit product order growth across all geographies and strength in all customer markets, despite persistent macro uncertainty”
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@patrickmoorhead
Patrick Moorhead
on x
And $CSCO registers a beat-beat for Q4 FY24, solid Q1 guide. The largest positive for me is that the “inventory digestion largely completed.” There was a lot sold-in that hadn't been installed. A very positive sign. Also announced was a 7% RiF and $1B restructuring charge. [image…
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@thetranscript_
@thetranscript_
on x
$CSCO CFO on the planned layoffs: “As part of our announced restructuring plan, we expect to impact ~ 7% of our global workforce with total estimated pre-tax charges of up to $1B” [image]
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r/technology
r
on reddit
Cisco slashes at least 5,500 workers as it announces yearly profit of $10.3 billion
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r/Layoffs
r
on reddit
Cisco cutting 7% of workforce, reports earnings and revenue beat for quarter