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Cisco cuts 1100 jobs as earnings disappoint

19 May 2017

But the future isn't quite as bright as Wall Street hoped: Cisco said it expects revenues to fall 4 percent to 6 percent year-over-year in the fourth quarter, with earnings of 60 cents to 62 cents per share, adjusted. The company also announced that forecasts for the next quarter are going to be marginally low; the company's shares came crashing down just after the announcement was made.

Enterprise technology firm Cisco announced plans to cut an additional 1,100 jobs, after announcing cuts of 5,500 last August, reports CNBC.

Cisco has plowed money into acquisitions of companies that could help it capitalize on trends like cloud computing, analytics, and artificial intelligence. And the company reported third quarter non-GAAP net income of $3 billion, or $0.60 per share, up 5 percent from the same quarter a year ago.

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For its fiscal third quarter 2017 ended April 29, Cisco today reported declines in revenues of 1 percent, compared to the same quarter previous year.

Pre-tax charges are also going to be handled by the company; there will be hundreds of millions charges that will entail the restructuring and are expected to be settled somewhere around 2018. We expect to recognize approximately $150 million to $200 million of pretax charges under this plan in the fourth quarter of fiscal 2017. Following the announcement, Cisco shares slumped more than 5 per cent in after-hours trading. The shares are up 27 per cent in the past year.

During the third quarter, total sales at the networking sector kingpin dropped by 1% year on year to $11.9bn because of a 2% decline in its Asia Pacific, Japan and China region - the Americas and EMEA were flat. The Trump Administration is also putting an enormous weight on the company, as macroeconomic issues surface on the technology sector.

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Chief Executive Officer Chuck Robbins said "It's a pretty significant stall right now with the lack of budget visibility", when asked about the federal government debacle.

That indicates sales of as little as US$11.9 billion (S$16.5 billion), far short of the average analysts' projection of US$12.5 billion.

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Cisco cuts 1100 jobs as earnings disappoint