Cisco to cut additional 1,100 jobs on disappointing outlook
Shares fell more than 5% following the news
Enterprise technology firm Cisco announced plans to cut an additional 1,100 jobs, after announcing cuts of 5,500 last August, reports CNBC.
The cuts come as the company reported worse-than-expected forward guidance, despite surprisingly strong earnings for the fiscal third quarter. Shares fell more than 5% in after-hours trading Wednesday.
Cisco expects a revenue drop of 4-6% year over year in the fourth quarter, with 60 to 62 cents of earnings per share.