Cisco Systems (CSCO) Tops Q4 EPS by 3c; Will Cut Up to 5,500 Jobs

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.

GUIDANCE:

Cisco Systems sees Q1 2017 EPS of $0.58-$0.60, versus the consensus of $0.60.

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