Cisco announces $600M restructuring, layoffs of 5% of its staff - Silicon Valley Business Journal

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Cisco becomes the latest tech giant to announce layoffs.

The networking company announced the restructuring effort as part of its fiscal first quarter report. In the period that ended October 29, Cisco earned $2.7 billion, or 65 cents a share, on sales of $13.6 billion. Excluding certain costs, it would have earned 86 cents a share.

In its second quarter, Cisco expects to post per-share earnings of between 59 and 64 cents — or an adjusted profit of 84 to 86 cents — on sales of $13.3 billion to $13.5 billion. Analysts had previously projected a profit of 85 cents a share on 13.2 in sales for the period.

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