Posted on 08/13/2014 3:45:34 PM PDT by SeekAndFind
SAN FRANCISCO — Cisco Systems may be doing a little better than Wall Street expects, considering its technology and sales challenges. But that doesn’t mean the company will avoid layoffs in the coming months.
On Wednesday, Cisco released fourth-quarter earnings that illustrated its troubles as one of the tech industry’s giants competing in a rapidly changing environment.
Fourth-quarter revenues, Cisco said, were $12.36 billion, down from $12.42 billion in the same quarter a year ago. Net income was $2.25 billion, or 43 cents a share, down from $2.27 billion a year ago.
Using nonstandard accounting common to many tech companies, Cisco had fourth-quarter net income of $2.8 billion, or 55 cents a share.
The results from the quarter were slightly higher than the $12.14 billion in revenue, and per-share earnings of 53 cents, projected by a survey of analysts by Thomson Reuters.
For its recent fiscal year, which ended July 26, Cisco’s revenue was $47.14 billion, down 3 percent. Net income was $7.85 billion, down 21 percent. Cisco has recently repurchased many shares, so per-share income for the year of $1.49 a share was down by 20 percent.
In a conference call with investors and analysts, Cisco executives said the company planned to cut up to 6,000 jobs, or 8 percent of its work force, in the coming months.
(Excerpt) Read more at nytimes.com ...
Those days are gone.
Its working: http://clubfordegrowth.org/
They fill buildings and buildings not too far from our locale.
Their biggest mistake, not hiring me. :-}
That needed an IQ alert - lunacy all around over there.
It is past time for John Chambers, their CEO, to take a hike. He has served up nothing but disappointing results for several years now. He comes on CNBC on a regular basis with his folksy attitude spreading a pile of horse manure. Until Chambers gets dumped, look for more of the same from Cisco.
Since most full time jobs have gone to the crapper all those 6k people will
now have to get two part time jobs, and that will raise the job creation rate
to 12-thousand. Hooray!
How many of those are RATs? They most certainly should be happy for their Messiah.
How else can Cisco hire illegal invaders if legal, law abiding Americans
are not fired?
With no benefits, most likely.
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