By Ayanti Bera and Stephen Nellis
(Reuters) - Cisco Systems Inc on Wednesday forecast first-quarter revenue and profit below Wall Street estimates and laid out a restructuring plan, as the coronavirus crisis forced its clients to hold back spending.
Shares of the top network equipment maker fell nearly 5% after the bell.
The restructuring, which includes a voluntary early retirement program and layoffs, will begin this quarter, the company said, adding that it expected to recognize a related one-time charge of about $900 million.
On a conference call with investors, Chief Executive Chuck Robbins said Cisco also plans to reduce its expenses by $1 billion on an annualized basis "over the next few quarters."
The company also announced that Chief Financial ...
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