Cisco Q2 Earnings And Revenue Beat, Cuts 5% Of Global Workforce
Portfolio Pulse from Erica Kollmann
Cisco Systems, Inc. (NASDAQ:CSCO) reported Q2 earnings of 87 cents per share and sales of $12.8 billion, surpassing analyst expectations. The company announced a workforce reduction of 5%, with estimated pre-tax charges of $800 million. Cisco's Q3 revenue forecast is below analyst expectations, as is the full-year 2024 revenue and earnings forecast. Shares dropped 4.91% after-hours.
February 14, 2024 | 9:30 pm
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Cisco reported higher-than-expected Q2 earnings and sales but announced a significant workforce reduction and provided lower future revenue and earnings forecasts.
The positive earnings report is overshadowed by the announcement of workforce reductions and lower-than-expected future revenue and earnings projections, which are likely to negatively impact investor sentiment and stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100