Cisco (CSCO) Trades Flat Following Q2 Results
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After trading lower after-hours yesterday, following second quarter earnings results, Cisco (Nasdaq: CSCO) has now moved back to near break-even. The stock is down $0.13 to $15.71 currently.
Cisco reported Q2 adj-EPS of $0.32, beating the Street's estimate by 2 cents, on sales of $9.1 billion.
On its conference call, Cisco said it expects Q3 revenues to be down 15-20%. The tech bellweather's CEO, John Chambers said Cisco is "comfortable with long-term growth goals."
Cisco also said layoffs could be necessary, but they are trying everything possible to avoid job cuts. Said if they had layoffs they would likely be larger than 10% of the workforce.
On the U.S. economy, the company said this is the biggest challenge in their lifetime but said the U.S. will be first out of downturn. They also expect the economic recovery will occur sooner than expected, due in large part to the global stimulus plans.
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