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.'"