Friday, 24 March, 2023

Cisco forecasts weak revenue; plans job cuts, early retirement for cost-saving

<p>Cisco predicts 9% to 11% revenue drop, compared to last year&rsquo;s first fiscal quarter. Analysts expected an average dip of about 7%. Adjusted profit will be 69% to 71% a share, lower than WSJ expectations of 76%. CEO Chuck&nbsp;Robins plans to reduce Cisco&rsquo;s reliance on expensive proprietary hardware that suffered a 16% dip in sales. Expense reduction plan includes job cuts, an early retirement plan for some workers with $900M budget for severance and termination benefits.</p>