Cisco shares soared 17% in extended trading on Wednesday after the networking company issued results and guidance that topped Wall Street's projections.
The company said it's cutting its workforce this quarter by fewer than 4,000 jobs, representing less than 5% of total employees.
Here's how the company did in comparison with LSEG consensus:
- Earnings per share: $1.06 adjusted vs. $1.04 expected
...
The narrative of Cisco's success is heavily framed by its strategic pivot toward artificial intelligence, which serves as the primary driver for both financial performance and organizational restructuring. The emphasis on focusing investment and making hard decisions regarding cost structure and organization ties the financial results directly to a mandate for agility in a rapidly changing technological landscape. While the company successfully increased its networking revenue significantly, dem...