Cisco stock return on earnings. The layoffs are coming.
Shares of Systems are trading higher after the network infrastructure company posted better-than-expected revenue and profit growth for its first fiscal quarter, which ended October 29. give guidance for the year.
Cisco CEO Chuck Robbins also revealed that the company is “properly sizing certain businesses,” reducing headcount in some regions. Cisco CFO Scott Herren said in an interview that the cuts could affect 5% of the workforce. As of the end of July, Cisco had 83,300 employees. Despite the planned cutbacks, Cisco expects to end the current fiscal year unchanged at the beginning of the year.