The company announced Wednesday it's cutting 7% of its workforce and reported quarterly results that beat analyst estimates.
Analysts at Bank of America noted that networking sales were down 28.1% year-over-year but said that was mostly due to tough comparisons, and that the focal point of the quarter was on order recovery. "Data center switching orders were up double-digits YoY, while orders for campus switching and routing were up high-single digits," the analysts, who have a buy rating on Cisco, wrote in a report. They added that orders tied to artificial intelligence crossed $1 billion and revenue will start to ramp in the first half of 2025.
CNBC's Inside India newsletter: Could Hindenburg's latest allegations have wider implications for India? The company's core networking business, which includes routers and switches, has struggled since large companies started moving to the cloud. Cisco's sales have been partially offset by recurring revenue from its software and securities businesses.that it's implementing a restructuring plan with layoffs that will result in $1 billion in pretax charges to its financial results and will"allow it to invest in key growth opportunities and drive more efficiencies in its business.
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