Cisco reported its third straight quarter of declining revenue, wrapping up its first full fiscal year drop since 2020. The company said it’s cutting 7% of its global workforce. Earnings and revenue topped analysts’ estimates. Prior to Wednesday’s close, the stock was down 10% this year, while the Nasdaq was up about 15%. Cisco CEO Chuck Robbins participates at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2023. Hollie Adams | Bloomberg | Getty Images
Cisco shares popped in extended trading on Wednesday after the networking company said it’s cutting 7% of its global workforce and reported quarterly results that topped analysts’ estimates.
Here are the key numbers:
Earnings: 87 cents per share, adjusted, vs. 85 cents per share expected, according to LSEG. Revenue: $13.64 billion vs. $13.54 billion expected, according to LSEG.
Cisco said in a filing that it’s implementing a restructuring plan that will result in $1 billion in pretax charges to its financial results and will “allow it to invest in key growth opportunities and drive more efficiencies in