8-K
filed February 14, 2024, 6:59 PM ET
ticker CSCO
CIK 0000858877
earnings
confidence high
sentiment negative
materiality 0.85
CISCO SYSTEMS, INC. (CSCO): restructuring charge — Cisco Q2 rev $12.8B (-6% YoY); GAAP EPS $0.65; announces 5% workforce cut, $800M charge
CISCO SYSTEMS, INC.
2024-Q2 EPS reported
$1.54
revenue$27,459,000,000
- Q2 revenue $12.8B down 6% YoY; GAAP EPS $0.65 (down 3%), Non-GAAP EPS $0.87 (down 1%).
- Networking revenue down 12% YoY; Security +3%, Collaboration +3%, Observability +16%.
- Restructuring plan eliminates ~5% of global workforce; expects ~$800M pre-tax charges, majority in Q3 FY2024.
- Dividend increased to $0.40/share (+3%); payable Apr 24, 2024 to holders of record Apr 4, 2024.
- Q3 FY2024 guidance: rev $12.1-12.3B, Non-GAAP EPS $0.84-0.86. FY2024 rev $51.5-52.5B, Non-GAAP EPS $3.68-3.74.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
CISCO SYSTEMS, INC. reported its fiscal second quarter 2024 ended January 27, 2024 results: revenue $12.8 billion, net income $2.6 billion, EPS $0.65.
- Period
- its fiscal second quarter 2024 ended January 27, 2024
- Revenue
- $12.8 billion
- Net income
- $2.6 billion
- EPS
- $0.65
- Result
- reported results
Exact text from the filing
Contact: Robyn Blum Sami Badri Cisco Cisco 1 (408) 930-8548 1 (469) 420-4834 rojenkin@cisco.com sambadri@cisco.com CISCO REPORTS SECOND QUARTER EARNINGS News Summary: • $12.8 billion in revenue, down 6% year over year; GAAP EPS $0.65, down 3% year over year, and Non-GAAP EPS $0.87, down 1% year over year • Revenue growth in security, collaboration and
View on SEC.gov
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
CISCO SYSTEMS, INC. announced a restructuring with charges of approximately $800 million (approximately 5 percent of Cisco’s global workforce).
- Type
- restructuring
- Charge
- approximately $800 million
- Headcount
- approximately 5 percent of Cisco’s global workforce
Exact text from the filing
On February 14, 2024, Cisco announced a restructuring plan in order to realign the organization and enable further investment in key priority areas. This restructuring plan will impact approximately 5 percent of Cisco’s global workforce. Cisco currently estimates that it will recognize pre-tax charges to its GAAP financial results of approximately $800 million consisting of severance and other one-time termination benefits and other costs.
View on SEC.gov
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