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Cisco confirms plans for 5,500 job cuts, Q4 sales fall 2%
2016-08-18 08:23:00| Telecompaper Headlines
(Telecompaper) Cisco reported revenues for its fiscal fourth quarter to July down 2 percent year-on-year to USD 12.6 billion. Excluding the sale of its set-top box business, revenue was up 2 percent from a year ago. Net profit jumped 21 percent to USD 2.8 billion, and EPS increased 24 percent to USD 0.56. Cisco also confirmed that it plans another round of restructuring in order to lower its cost base and reinvest the savings in priority areas such as security, IoT, collaboration, data centre and cloud. The restructuring will eliminate up to 5,500 positions, or around 7 percent of its global workforce.
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Category:Telecommunications