Cisco Announces 7% Workforce Reduction Amid Earnings and Revenue Beat

• Cisco shares surged in after-hours trading following the announcement of a 7% global workforce reduction and better-than-expected quarterly results.
• The company reported adjusted earnings of 87 cents per share and revenue of $13.64 billion, surpassing analysts' estimates.
• Cisco's restructuring plan will incur $1 billion in pretax charges, with $700 million to $800 million recognized this quarter.
• This marks the second major layoff this year, following a 5% workforce cut in February, as Cisco navigates declining sales in its core networking business.
• Despite a 10% revenue drop in the fiscal fourth quarter, increased subscription revenue from the Splunk acquisition helped Cisco outperform expectations.

Source: CNBC