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Cisco cuts FY guidance amid restructuring plan to cut 5% of global workforce
By Yasin Ebrahim
Investing.com - Cisco on Wednesday cut its full-year guidance and delivered softer guidance for the current quarter as the network equipment maker detailed plans to cut 5% of its global workforce as part of a restructuring plan.
The company now sees full-year adjusted earnings per share of $3.68 to $3.74 on revenue in a range of $51.5B to $52.5B, compared with a prior estimate for adjusted EPS in a range of $3.87 to $3.93 on revenue of $53.8 billion to $55.0B.
Cisco announced fiscal Q2 adjusted EPS $0.87 on revenue of $12.8B. Analysts polled by Investing.com anticipated EPS of $0.84 on revenue of $12.71B.
Product revenue, which accounts for the bulk of overall revenue, fell 9% in the quarter year on year, while services added 4%.
Looking to fiscal Q3, the company expects adjusted EPS of $0.84 to $0.86 on revenue in a range of $12.1B to $12.3B. That was below estimates for EPS of $0.91 and revenue of $13.13B.
As part of its restructuring plan,Cisco said it would cut about 5% of its global workforce that will result in an $800 million hole from severance and other one-time termination benefits and other costs. The bulk of these costs are expected to be recognize approximately $500M of these charges in Q3.
Cisco Systems Inc (NASDAQ:CSCO) shares lost 5% in after-hours trade following the report.
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