NEW YORK (
(CSCO - Get Report)
, whose stock is down for the count by more than 12% since November, shed some light on its new big-picture direction Wednesday after the bell, when it discussed its fiscal third-quarter results on a company conference call.
The company, whose stock was falling more than 3% in after-hours trading on more weak guidance, said it plans to implement a headcount reduction this summer and will reduce costs by $1 billion by the end of fiscal year 2012.
Cisco edged Wall Street's third-quarter estimates, posting adjusted earnings of 42 cents on revenue of $10.87 billion vs. 37 cents EPS on $10.85 revenue. Those numbers compare with $10.4 billion and 42 cents a share Cisco posted in the year-ago quarter.
In terms of guidance, Cisco said it expects adjusted earnings between 37 cents and 39 cents per share for the fourth quarter, below analyst expectations of 42 cents per share. Revenue growth will be flat to up to 2%, it said, below the 7% to 8% growth analysts had anticipated.
Click above to read the recap of
Cisco earnings blog.
--Blog written by James Rogers and Scott Moritz in New York.
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