Cisco Shares Jump After Announcing 7% Workforce Reduction Amid Restructuring
Cisco shares surged in extended trading after the company announced a 7% cut to its global workforce and reported better-than-expected quarterly results. The tech conglomerate's revenue and earnings exceeded forecasts. Cisco is implementing a $1 billion restructuring plan, with most costs recognized this quarter. Cisco has experienced declining sales for three consecutive quarters as its core networking business struggles due to the shift of large enterprises to the cloud. The company has strengthened its software and security divisions to diversify revenue through recurring subscriptions.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:03Cisco shares surged in extended trading after the company announced a 7% cut to its global
00:07workforce and reported better-than-expected quarterly results.
00:11The tech conglomerate's revenue and earnings exceeded forecasts.
00:14Cisco is implementing a $1 billion restructuring plan, with most costs recognized this quarter.
00:20Cisco has experienced declining sales for three consecutive quarters as its core networking
00:24business struggles due to the shift of large enterprises to the cloud.
00:28The company has strengthened its software and security divisions to diversify revenue
00:32through recurring subscriptions.
00:33For all things money, visit Benzinga.com.