Cisco Announced Restructuring Plan Expected To Impact Approximately 7% Of Global Workforce; Estimates That It Will Recognize Pre-tax Charges To Its GAAP Financial Results Of Up To $1B Consisting Of Severance And Other One-time Termination Benefits, And Other Cost
Portfolio Pulse from Benzinga Newsdesk
Cisco announced a restructuring plan that will impact approximately 7% of its global workforce. The company estimates it will recognize pre-tax charges of up to $1 billion in its GAAP financial results, consisting of severance and other one-time termination benefits, and other costs.
August 14, 2024 | 8:22 pm
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Cisco's restructuring plan will impact 7% of its global workforce and result in up to $1 billion in pre-tax charges. This move is likely to affect the company's short-term stock price due to the significant costs involved.
The restructuring plan involves significant costs and workforce reductions, which are likely to create short-term negative sentiment among investors. The $1 billion in pre-tax charges will impact the company's financial results, potentially leading to a decrease in stock price.
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