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Cisco Beats Street, Lowers Guidance, Announces 6,000 Job Cuts

8/13/14 7:12 PM EDT
Cisco Systems (CSCO) posted quarterly results after Wednesday's close which beat expectations and also announced that it would slash 6,000 jobs, or 8% of its workforce. The networking equipment giant also said profits for the current quarter will be below forecasts. Profits for the latest quarter came in at 55 cents a share, two cents better than expectations. On the top line, revenue was roughly $12.4 billion, higher than estimates. Cisco CEO John Chambers said on the company's conference call that trends in emerging countries declined in the latest quarter and could worsen over the coming quarters. TheStreet's Ruben Ramirez reports from Wall Street.
Stocks in this video: CSCO
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