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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).
(Score: 5, Interesting) by kaszz on Wednesday August 20 2014, @12:20AM
What a coincidence that that most companies don't respect software engineers [soylentnews.org]. Perhaps companies like Cisco? :P Probably they treat engineers in other fields than software the same. Perhaps the real "MBA moment" happened in 1990 [wikipedia.org]. Otoh, William Yeager is likely to have some things to say about iOS software and Stanford about hardware designs..
Nowadays Juniper perhaps gives them a hard time. And also future emerging businesses that has been given a nice sales opportunity by proving that trust was overvalued.
In the end creators, founders, employees and sometimes even shareholders get screwed. Anyones guess where the money flow ends up ..? ;)