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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: 3, Informative) by Thexalon on Wednesday August 20 2014, @12:33AM
"For five years now, you've worked your ass off at Initech, hoping for a promotion or some kind of profit sharing or something. Five years of your mid-20s now, gone. And you're gonna go in tomorrow and they're gonna throw you out into the street. You know why? So Bill Lumbergh's stock will go up a quarter of a point."
The only thing that stops a bad guy with a compiler is a good guy with a compiler.
(Score: 0) by Anonymous Coward on Wednesday August 20 2014, @12:50AM
Five years of your mid-20s is your mid-20s. But don't worry, as soon as you're over-30 you'll be unemployable for the rest of your life.