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Cisco to cut 6,000 jobs

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Staff writer |
Cisco
Fourth quarter   Revenue at Cisco down 0.5%

Cisco posted $12.4 billion in fourth quarter fiscal 2014 revenue, down 0.5% from revenue reported this time last year.

Net income for the quarter was at $2.2 billion, or 43 cents per share; excluding special items, net income was $2.8 billion and resulted in earnings of 55 cents per share, a profit result that beat the Street estimate by two cents. GAAP and non-GAAP net income declined compared to 2013 (by 1% and 0.4%, respectively), though earnings per share including and excluding special items managed to grow 2.4% and 5.8%, respectively.

On a full-year basis, Cisco recorded $47.1 billion in revenue, down 3% from 2013?s $48.6 billion in sales. Full-year net income excluding special items was $10.9 billion, flat compared to 2013 and a figure that resulted in full-year earnings per share of $2.06, up 2% from the $2.02 reported for full-year 2013 earnings.

During fiscal 2014, Cisco returned $13.3 billion to shareholders through buybacks and dividends, and the company said that it remains committed to "delivering value to our shareholders through our capital allocation strategy and continued investment in our long-term growth opportunities."

In a conference call, Cisco said that it expects its first quarter fiscal 2015 revenue to be flat or only grow 1%. The company also said that it will cut 6,000 jobs, or 8% of its workforce, and record $700 million in restructuring charges through fiscal year 2015.


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