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Cisco Terminates 6000 Workers While Buying Back $1.5B In Stock

posted by n1 on Tuesday August 19 2014, @11:29PM   Printer-friendly
from the interesting-arithmetic dept.

gewg_ writes:

ZeroHedge reports:

Cisco reported a whole lot of numbers as part of its Q4 earnings release. For the most part these were largely irrelevant, but for the pedants out there here is what Wall Street is focusing on: revenue and EPS beats of $12.36 billion ($12.15 billion estimated) and $0.55 ($0.53 estimated) even as Chinese sales continue to crater, plunging 23% in the quarter: thank you NSA.

But the punchline was revealed into the conference call when John Chambers announced CSCO would proceed with another mass layoff, firing 6,000 people or 8% of its workforce.

Putting this number in context, CSCO also announced it had just spent $1.5 billion in the quarter to repurchase 61 million shares of its stock, bringing the total for 2014 to $9.5 billion (including $3.8 billion in dividends).

 
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  • (Score: 2) by c0lo on Tuesday August 19 2014, @11:48PM

    by c0lo (156) on Tuesday August 19 2014, @11:48PM (#83294) Journal

    You sure it has nothing to do with the 512k routes limits in the BGP routers?
    Sorta: if we increase the routes number, we'll be selling more expensive stuff, the customers are stuffed anyway - less workers/route required

    (ducks)

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  • (Score: 1, Interesting) by Anonymous Coward on Wednesday August 20 2014, @12:07AM

    by Anonymous Coward on Wednesday August 20 2014, @12:07AM (#83303)

    That is like saying Ford's stock is down because the 1990 F series pickup is not keeping up with fuel efficiency demands.

  • (Score: 2) by c0lo on Wednesday August 20 2014, @06:19AM

    by c0lo (156) on Wednesday August 20 2014, @06:19AM (#83410) Journal
    (whooshh?? Lame attempt of a joke, I know).
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