Cisco Cutting 4,000 Jobs

4:51 PM, Aug 14, 2013   |    comments
Cisco Headquarters (Getty Images)
  • Share
  • Print
  • - A A A +

Cisco Systems is slashing 4,000 jobs -- about 5% of its workforce -- after it announced a tepid financial forecast for the coming months.

Cisco shares were pounded in after-hours trading, down more than 9%. The stock closed at $26.38 in regular trading.

The computer-networking giant earned $2.23 billion, or 42 cents per share, in the three months that ended on July 27. That's up from $1.92 billion, or 36 cents per share, a year earlier.

Adjusted earnings were 52 cents per share in the latest quarter, squeaking past Wall Street's expectations by a penny.

Revenue rose 6% to $12.42 billion from $11.69 billion.

FactSet says analysts expected revenue of $12.41 billion.

Cisco's performance is widely regarded as a bellwether for the technology industry. That's because the San Jose company cuts a broad swath, selling routers, switches, software and services to corporate customers and government agencies.

Most Watched Videos