| Title | Cisco Terminates 6000 Workers While Buying Back $1.5B In Stock | |
| Date | Tuesday August 19 2014, @11:29PM | |
| Author | n1 | |
| Topic | ||
| from the interesting-arithmetic dept. | ||
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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