NEW YORK (TheStreet) -- Cisco (CSCO), 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 TheStreet's Cisco earnings blog. --Blog written by James Rogers and Scott Moritz in New York. >To follow the writers on Twitter, go to http://twitter.com/thestreet_tech. >To submit a news tip, send an email to: email@example.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV