CISCO SYSTEMS, INC. (CSCO): restructuring charge — Cisco Q4 revenue $13.6B, -10% YoY; announces 7% workforce restructuring with up to $1B charges

CISCO SYSTEMS, INC.

2024-FY EPS reported $2.54 revenue$53,803,000,000

Revenue $13.6B, down 10% YoY; GAAP EPS $0.54, Non-GAAP EPS $0.87, down 24% YoY.
Product orders up 14% YoY (6% ex-Splunk); Security revenue up 81% (6% ex-Splunk).
Restructuring plan cuts ~7% of workforce; expects up to $1B in pre-tax charges, mainly in Q1 FY25.
Quarterly dividend of $0.40/share declared; payable Oct 23, 2024 to Oct 2 record date.
Q1 FY25 revenue guidance $13.65-$13.85B, non-GAAP EPS $0.86-$0.88; FY25 revenue $55.0-$56.2B.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

CISCO SYSTEMS, INC. announced a restructuring with charges of up to $1 billion (approximately 7 percent of Cisco’s global workforce).

Type: restructuring
Charge: up to $1 billion
Headcount: approximately 7 percent of Cisco’s global workforce

Exact text from the filing

On August 14, 2024, Cisco announced a restructuring plan to allow it to invest in key growth opportunities and drive more efficiencies in its business. This restructuring plan is expected to impact approximately 7 percent of Cisco’s global workforce. Cisco currently estimates that it will recognize pre-tax charges to its GAAP financial results of up to $1 billion consisting of severance and other one-time termination benefits, and other costs.

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CISCO SYSTEMS, INC. filing history →

Source: SEC EDGAR

accession 0001193125-24-200636

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