Cisco Earnings: CSCO Beats Street, Slashes 6,000 Jobs

Cisco Systems (CSCO) has posted earnings for its fiscal fourth quarter in 2014.

csco-cisco-job-cutsCisco posted GAAP revenue of $12.4 billion for the fiscal fourth quarter of 2014. This is the same as what the company reported during the same time last year.

Cisco also posted GAAP net income of $2.2 billion for the fiscal fourth quarter of 2014. This is down 1% from the $2.3 billion reported in fiscal quarter four 2013. Non-GAAP net income for fiscal Q4 2014 was $2.8 billion, which is the same as what was reported this time last year.

GAAP earnings per share for Cisco’s fiscal Q4 2014 were 43 cents. This is up 2% from the 42 cents reported the same time last year. Non-GAAP earnings per share for the company’s fourth fiscal quarter in 2014 were 55 cents, which is almost a 6% increase over the 52 cents that was reported during the company’s fiscal fourth quarter in 2013.

Cisco beat analysts’ estimates of 53 cents per share and a revenue of $12.14 billion for the company’s fourth quarter of 2014.

Cisco Chambers and CFO Frank Calderone announced that the company plans to cut roughly 6,000 jobs. This amounts to 8% of the company’s workforce and is estimated to be worth $700 million, reports ZDNet.

CSCO shares were down 2% as of Thursday afternoon.

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Article printed from InvestorPlace Media, https://investorplace.com/2014/08/csco-cisco-job-cuts/.

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