15-08-2013, 09:59 AM
I started a new thread for Cisco. The company performance serves as another indicator for global economic..., IMO
(not vested)
Cisco to cut 4,000 jobs despite a rise in Q4 profit
SAN FRANCISCO — Network equipment maker Cisco Systems yesterday said that it would cut 4,000 jobs, or 5 per cent of its workforce, as weaker sales in Japan, China and Europe weigh on revenue growth, and the company looks to reduce costs and refocus on growth areas as it faces uncertain demand for its networking equipment.
“The environment in terms of our business is improving slightly but nowhere near the pace that we want,” said Chief Executive John Chambers on a conference call following its quarterly earnings.
Shares of the world’s biggest network equipment maker fell 9 per cent after hours.
Cisco forecast 3 to 5 per cent revenue growth this quarter, towards the low end of expectations, as it continues to grapple with an uncertain global IT spending environment.
Executives also forecast earnings-per-share of 50 to 51 US cents in its fiscal current quarter.
Mr Chambers’ commentary on the global corporate IT environment is closely watched by investors, as Cisco is regarded a strong indicator of the general health of the technology industry because of its broad customer base.
http://www.todayonline.com/business/cisc...-q4-profit
(not vested)
Cisco to cut 4,000 jobs despite a rise in Q4 profit
SAN FRANCISCO — Network equipment maker Cisco Systems yesterday said that it would cut 4,000 jobs, or 5 per cent of its workforce, as weaker sales in Japan, China and Europe weigh on revenue growth, and the company looks to reduce costs and refocus on growth areas as it faces uncertain demand for its networking equipment.
“The environment in terms of our business is improving slightly but nowhere near the pace that we want,” said Chief Executive John Chambers on a conference call following its quarterly earnings.
Shares of the world’s biggest network equipment maker fell 9 per cent after hours.
Cisco forecast 3 to 5 per cent revenue growth this quarter, towards the low end of expectations, as it continues to grapple with an uncertain global IT spending environment.
Executives also forecast earnings-per-share of 50 to 51 US cents in its fiscal current quarter.
Mr Chambers’ commentary on the global corporate IT environment is closely watched by investors, as Cisco is regarded a strong indicator of the general health of the technology industry because of its broad customer base.
http://www.todayonline.com/business/cisc...-q4-profit
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