Cisco Systems (CSCO) Tops Q4 EPS by 3c; Will Cut Up to 5,500 Jobs
- Donald Trump Sworn in as 45th U.S. President
- Wall Street ends higher as Trump becomes president
- Walgreens Boots Alliance (WBA) Said to Face Antitrust Concern for Rite Aid (RAD) Fix - Bloomberg
- Bristol-Myers Squibb (BMY) Says It Won't Pursue Accelerated U.S. Regulatory Pathway for Opdivo Plus Yervoy in Lung Cancer
- Apple (AAPL) Sues Qualcomm (QCOM) Over Patent Royalties in Antitrust Case - Bloomberg
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Cisco Systems (NASDAQ: CSCO) reported Q4 EPS of $0.63, $0.03 better than the analyst estimate of $0.60. Revenue for the quarter came in at $12.6 billion versus the consensus estimate of $12.57 billion.
Today's market requires Cisco and our customers to be decisive, move with greater speed and drive more innovation than we've seen in our history. Today, we announced a restructuring enabling us to optimize our cost base in lower growth areas of our portfolio and further invest in key priority areas such as security, IoT, collaboration, next generation data center and cloud. We expect to reinvest substantially all of the cost savings from these actions back into these businesses and will continue to aggressively invest to focus on our areas of future growth. The restructuring will eliminate up to 5,500 positions, representing approximately 7 percent of our global workforce, and we will take action under this plan beginning in the first quarter of fiscal 2017.
Cisco Systems sees Q1 2017 EPS of $0.58-$0.60, versus the consensus of $0.60.
For earnings history and earnings-related data on Cisco Systems (CSCO) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Herbalife (HLF) Provides Q4, FY17 Guidance in Memorandum for $1.325B Credit Facility; Lowers FY17 Sales Guidance
- Expect Facebook (FB) To Show Strong Q4 Report, Monitor For Guidance On Expenses - Goldman Sachs
- Synchrony Financial (SYF) Tops Q4 EPS by 3c
Create E-mail Alert Related CategoriesCorporate News, Earnings, Guidance, Hot Corp. News, Hot Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!