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Cisco Reports Fourth-Quarter 2016 Earnings (cnbc.com) 30

Cisco has reported its fiscal fourth-quarter earnings and they have exceeded analysts' expectations. CRN reported yesterday that the company will be laying off about 14,000 employees, representing nearly 20 percent of the company's global workforce, according to multiple sources close to the company. Instead, the company will be cutting only 5,500 positions, representing roughly 7 percent of its global workforce, beginning in the fiscal first quarter of 2017. CNBC reports: "The company reported fiscal fourth-quarter earnings of 63 cents a share on revenues of $12.64 billion, beating analyst expectations for 60 cents per share on revenues of $12.57 billion, according to a Thomson Reuters consensus estimate. The company said that 'today's market requires Cisco and our customers to be decisive, move with greater speed and drive more innovation than we've seen in our history.' Cisco said it expects to reinvest the cost savings from its restructuring plan into 'key priority areas such as security, IoT, collaboration, next generation data center and cloud.'"
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Cisco Reports Fourth-Quarter 2016 Earnings

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  • Huh?! (Score:4, Insightful)

    by __aaclcg7560 ( 824291 ) on Wednesday August 17, 2016 @05:42PM (#52721909)
    Good News: We beat Wall Street expectations!
    Bad New: We're still laying off people because the CEO needs a raise to buy another yacht.
    • Either they are running out of new customers to sell their overpriced products to, or the products are lasting so long, they are not being replaced as fast anymore.

      Or the boss needs a new private jet... this time painted blue.

      • Or the boss needs a new private jet... this time painted blue.

        When I got laid off from Cisco in 2013, the CEO got a 60% raise despite a lousy fiscal year. Rumor had it that he needed a new yacht to keep up with the other CEOs.

        • He who has the most toys...

          Still dies with none.

          But that does not stop people from screwing over their fellow man to get more toys, sadly.

    • by Cramer ( 69040 )

      And yet, every job hunting site on the planet has various Cisco jobs posted.

    • Hey you need to send me $50 and I'll buy you a coffee.

      No that's not optional. You made more money than I did and therefore I'm entitled to be paid money for work I do for you whether you need me to do that work for you or not.

      Sounds kind of stupid doesn't it? Making money does not mean you should be obligated in any way to pay dead weight.

  • by npslider ( 4555045 ) on Wednesday August 17, 2016 @06:02PM (#52722005)

    CISCO: "Hail fellow workers! Your hard work has brought in more money than expected! You shall be rewarded handsomely. The 93% of you still employed tomorrow will still get a paycheck. Please check your email to see who you are."

    • So you know the specifics of how workers helped CISCO earn money? It sounds like CISCO could have had earnings even higher if they didn't need to pay for a number of staff who clearly serve no purpose.

    • What a horribly inaccurate and misleading statemented. It'll actually be the 80% of staff still employed tomorrow... not 93%.

  • by Anonymous Coward

    Fix the summary.

    Layoffs of 14k was purely speculation by CRN, Cisco announced 5500 people:

    https://newsroom.cisco.com/press-release-content?type=webcontent&articleId=1784571 [cisco.com]

    The restructuring will eliminate up to 5,500 positions, representing approximately 7 percent of our global workforce, and we will take action under this plan beginning in the first quarter of fiscal 2017.

  • by Anonymous Coward

    I am super impressed that they can report their Fourth-Quarter 2016 Earnings while still only in the Third Quarter of 2016

    Perhaps their accountants have some sort of time machine?

    • by Anonymous Coward

      Fiscal Year !== Roman Year

Don't steal; thou'lt never thus compete successfully in business. Cheat. -- Ambrose Bierce

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