Investing.com – Cisco shares were lower Thursday after announcing 5,500 job cuts
Cisco Systems (NASDAQ:CSCO) shares were down 1.27% at $30.33 in pre-market trade.
The jobs cuts represent 7% of the networking gear supplier’s global workforce.
Cisco was reported to be planning to shed some 14,000 jobs.
Cisco’s Q4 EPS came in at $0.63, beating estimates of $0.60.
Revenues fell 1.6% to $12.64 bn vs. estimate of $12.58 bn.