Cisco cutting 7% of workforce, reports earnings and revenue beat for quarter

📆 14/08/2024 03:31 p. m.
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Cisco reported its third straight quarter of declining revenue, but the company beat analysts' estimates.

Cisco reported its third straight quarter of declining revenue, wrapping up its first full fiscal year drop since 2020.

The company said $700 million to $800 million of charges will be recognized in the current quarter, with the rest hitting over the course of fiscal 2025.

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