Chuck Robbins, Cisco CEO & Chairman, at the WEF in Davos, Switzerland on May 25th, 2022.
Adam Galica | CNBC
Cisco said in a statement on Wednesday that it would cut 5% of employees. The networking hardware maker had about around 85,000 employees as of last July. Shares were down 4% in extended trading.
The company reported strong fiscal second-quarter results but gave a light forecast. Here’s how it did in comparison with the consensus from LSEG, formerly known as Refinitiv:
- Earnings per share: 87 cents, adjusted, vs. 84 cents expected
- Revenue: $12.79 billion, vs. $12.71 billion expected
Cisco’s revenue declined 6% year over year during the quarter, which ended on Jan. 27, according to a statement. Net income declined to $2.63 billion, or 65 cents per share, from $2.77 billion, or 67 cents per share, in the year-ago quarter.
With respect to guidance, Cisco called for 84 to 86 cents per share on $12.1 billion to $12.3 billion. Analysts polled by LSEG were looking for 92 cents per share on $13.09 billion in revenue.
For the full year, Cisco sees $3.68 to $3.74 in adjusted earnings per share and $51.5 billion to $52.5 billion in revenue. Analysts had projected $3.86 in adjusted earnings per share, with $54.26 billion in revenue.
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