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Cisco to cut 7% of its global workforce

2024.08.14 17:05

(Reuters) -Cisco Systems forecast better-than-expected first-quarter revenue on Wednesday and said it was cutting 7% of its global workforce, sending its shares up 5% in extended trading.

The San Jose, California-based company estimates it will recognize pre-tax charges of up to $1 billion in connection with the plan, with $700 million to $800 million of these charges being recognized in the first quarter.

© Reuters. FILE PHOTO: A man passes under a Cisco logo at the Mobile World Congress in Barcelona, Spain February 25, 2019. REUTERS/Sergio Perez/File Photo

Cisco (NASDAQ:) had said in February it would cut 5% of its global workforce, or more than 4,000 jobs, while lowering its annual revenue target.

The company expects first-quarter revenue in the range of $13.65 billion and $13.85 billion, while analysts on average expect $13.71 billion, according to LSEG data.



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