Saturday, September 20, 2014
FAIRFIELD-SUISUN, CALIFORNIA
99 CENTS

Cisco to lay off up to 6,000 workers

By
From page B6 | August 14, 2014 |

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.

 

The Associated Press

The Associated Press

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Discussion | 2 comments

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  • gmlgAugust 14, 2014 - 1:47 pm

    You will only receive 26 weeks of Unemployment, no Federal extensions because Congress doesn't believe those of us who worked so hard and still cannot find jobs after 26 weeks doesn't deserve to live without worrying where the next meal is coming from, if we can pay mortgage, bills....etc :-(

    Reply | Report abusive comment
  • HuckleberryAugust 14, 2014 - 5:24 pm

    My Dad was laid off from the shipyards and had only worked sporadically since we had moved to the bay area. There were six kids under the age of 10. Back then, no welfare, food stamps or medical benefits. We got up in the morning and ate biscuits and gravy. One Christmas we each got a $.29 necklace. My Dad went out and tried to find work everyday. He took anything. We lived in a one bedroom house with all the beds in the same room. My parents slept on one side and four of the girls slept in one bed on the other side. So if your getting 61/2 months of unemployment benefits then I would be grateful.

    Reply | Report abusive comment
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