Cisco To Cut 1100 More Jobs Amid Worse-Than-Expected Outlook | Latest News

Cisco's network equipment maker said it will cut 1,100 jobs after reporting weaker than expected financial results in the last quarter. The company also announced that the forecast for the next quarter will be slightly lower; Shares of the company fell just after the announcement. Cisco expects revenue to decline 4 to 6 percent annually during the year in the fourth quarter, with earnings per share at 60 to 62 cents. This latest round of cuts follows an announcement in August that the company would reduce 5500 jobs. In May 2017, we expanded the restructuring plan to include 1,100 additional employees with $ 150 million of pre-tax additional charges. And the company reported third-quarter non-GAAP net income of $ 3 billion, or $ 0.60 per share, up from 5% over the same quarter a year ago. Robbins has referred to a number of acquisitions that Cisco has made in recent months, including AppDynamics in January of it used to give a higher profile clients in the network, data center, security and applications; And MindMeld, purchased earlier this month, leading to a Cisco AI platform to create new conversation interfaces between people, applications and devices.

In a conference call with analysts transcribed by Seeking Alpha marking the end of the third quarter of fiscal year Cisco, Robbins reiterated the goal of the provider in delivering value through secure, software-defined, automated and intelligent networks . Equities rose 27 percent last year. Cisco shares fell 5% just before the market closed yesterday, and fell in a 1.4% decline to $ 33.83 after the enormous pressure of tedious forecasts; While the secondary market drove down 8.2% to $ 31.05 on Wednesday. Trump administration also puts a great burden on society, surface macroeconomic issues in the technology sector. CEO Chuck Robbins said the change was due to lower sales in its service provider and public sector companies. While the recent statement that Trump made on the disclosure of classified information to Russian officials is to be the main reason for the frivolous decline in most US stocks