"Cisco Cuts 5% of Global Workforce, Slashes Full-Year Guidance"
TL;DR
Cisco Systems reported better-than-expected fiscal second-quarter results but reduced its full-year guidance and announced plans to cut about 5% of its workforce, or more than 4,000 employees, due to concerns about demand. CEO Chuck Robbins cited caution and scrutiny of deals amid high uncertainty in the macro-environment. The company also mentioned slowing demand, ongoing inventory correction, and weak demand from telco and cable service provider customers. The news led to a negative reaction from Wall Street analysts, with concerns about the company's performance and the impact of the layoffs.
Topics:businessbusinesstechnology#businesstechnology#chuck-robbins#cisco-systems#guidance-cut#tech-industry#workforce-reduction
- Cisco slashes full-year guidance, cutting 5% of workforce Yahoo Finance
- Cisco says it's cutting 5% of global workforce, amounting to over 4,000 jobs CNBC
- Cisco could have a long road to recovery, analyst explains Yahoo Finance
- Cisco to lay off thousands of employees CNN
- Bay Area tech giant Cisco to lay off more than 4,000, again SFGATE
Want the full story? Read the original reporting
Read on Yahoo Finance