Cisco Systems, Inc. (CSCO) Tops Q4 EPS by 2c; Plans to Cut 8,000 Jobs

August 13, 2014 4:05 PM

(Updated - August 13, 2014 4:07 PM EDT)

Cisco Systems, Inc. (NASDAQ: CSCO) reported Q4 EPS of $0.55, $0.02 better than the analyst estimate of $0.53. Revenue was $12.4 billion, versus the consensus at $12.1 billion.

On its call, the company said it sees Q1 adjusted EPS of $0.51 - $0.53, with the estimate at $0.53. The company plans to cut 6,000, or 8 percent of its workforce. The company also said it sees no bounce back of emerging markets is expected for "several quarters."

"We are executing well in a tough environment and delivered our best non-GAAP earnings per share quarter in our history. I'm pleased with how we are transforming our company over the past several years and that journey continues," stated John Chambers, Cisco chairman and chief executive officer. "We are focused on growth, innovation and talent, especially in the areas of security, data center, software, cloud and internet of everything. Our strategy is sound, our financials are strong, and our market leadership is secure. We have the team in place to deliver and are uniquely positioned to help our customers solve their biggest business problems."

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The company sees Q1 adjusted EPS of $0.51 to $0.53, with the estimate at $0.53. Cisco plans to cut 6,000 jobs, or about 8 percent of its workforce. The company sees reinvesting nearly all of its cost-savings back into the business.

For earnings history and earnings-related data on Cisco Systems, Inc. (CSCO) click here.


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