Saturday
April
30
2016
11:46 am
Weather
 
  Home
  Local News
  State / National / World
  Sports
  Opinion / Letters
  Business
  Arts / Entertainment
  Lifestyle
  Obituaries
  Calendar
  Submit Event
  Comics / Games
  Classifieds
  DJ Designers
  Archives
  Advertise With Us
  About Us
 
 
 
 
 
Cisco to lay off up to 6,000 workers
August 14, 2014, 05:00 AM The Associated Press

NEW YORK — Cisco said Wednesday that it will lay off up to 6,000 workers, or 8 percent of its workforce, as part of a restructuring.

The company, which makes routers, switches and software, said the layoffs will affect workers in operations around the world. The announcement was made during a conference call discussing its fiscal fourth-quarter earnings.

The San Jose, California-based company on Wednesday reported a 1 percent decline in profit, to $2.25 billion, as revenue dipped to $12.36 billion from $12.42 billion. Its adjusted earnings for the three months ended July 26, its fiscal fourth quarter, came to 55 cents per share, which was two cents more than analysts expected, according to Zacks Investment Research.

During the conference call, Chief Financial Officer Frank Calderoni said the company estimates pretax charges of up to $700 million, with about $250 to $350 million recorded in the current quarter, for the restructuring.

Shares fell 25 cents, or 1 percent, to $24.95 in after-hours trading. The stock has risen 12 percent this year.

 

 

Tags: percent, company, cents, billion, quarter,


Other stories from today:

U.S. retail sales flat in July
Amazon debuts new mobile payment app and card reader
Apple bans use of two chemicals in iPhone assembly
 

 
Print this Page Print this Page  | 
<< Back
 
 
Return To Archives
 
  


 
 
 
Daily Journal Quick Poll
 
The California Republican convention on Burlingame's Bayshore this weekend will feature Donald Trump, John Kasich, Ted Cruz and Carly Fiorina as speakers, what will you be doing?

Celebrating
Protesting
Trying to get in
Reading news reports of it
Staying away from Burlingame's Bayshore

 

 
May the 4th Be With You!
 
 
 
 
 
  
 
  
 
©2016 San Mateo Daily Journal
San Bruno newspaper