AAPL Stock: 110.55 ( -0.76 )

Printed from

Cisco beats Wall Street financial estimates, still laying off 4,000

updated 05:58 pm EDT, Wed August 14, 2013

Layoffs of five percent of its workforce begins in 2014

Following its quarterly financial information conference call, Cisco CEO John Chambers revealed that the Silicon Valley giant will cut 4,000 jobs, or five percent of its workforce, starting in 2014. The company announced profit of $2.8 billion on sales of $12.4 billion for its fourth quarter, beating Wall Street estimates, but falling short of the company's own guidance.

Despite calling the economic climate "challenging and inconsistent" the CEO did say that he was "real pleased" with the company's growth. He did note that the company is "just not growing as fast as we need."

As a result of the financial results and the impending layoffs, the stock has fallen nearly 9.5 percent in after-hours trading to $23.89 per share. Trading volume is well above average.

by MacNN Staff



Login Here

Not a member of the MacNN forums? Register now for free.


Network Headlines

Follow us on Facebook


Most Popular


Recent Reviews

Polk Hinge Wireless headphones

Polk, a company well-established in the audio market, recently released a new set of headphones aimed at the lifestyle market. The Hin ...

Blue Yeti Studio

Despite being very familiar with Blue Microphones' lower-end products -- we've long recommended the company's Snowball line of mics ...

ZTE Spro 2 Smart Projector

Home theaters are becoming more and more accessible these days, but maybe you've been a bit wary about buying a home projector. And h ...


Most Commented