NEW YORK (TheStreet) -- Shares of Cisco Systems Inc. (CSCO) are down -1.59% to $24.80 in pre-market trade after the technology company said that it will cut about 6,000 jobs, equal to about 8% of its employees, after reporting a quarter of little sales growth, the Wall Street Journal reports.
The reductions come as Cisco continues to struggle in emerging markets and in selling to cable companies and other service providers.
The moves come as Cisco's fourth quarter financial results topped its projections and showed signs that the worst of a recent slowdown is over, the Journal said.
Still, the company still hasn't been able to return to growth. Cisco's fourth-quarter profit was down 1% on revenue that fell 0.5%.
TheStreet Ratings team rates CISCO SYSTEMS INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate CISCO SYSTEMS INC (CSCO) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its attractive valuation levels, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."