Cisco Systems Inc CSCO Shares are trading lower in premarket today, after the company released below-consensus third-quarter and fiscal-24 sales and adjusted EPS guidance and reported force reduction yesterday Work.
The company issued guidance for third-quarter revenue of $12.1 billion to $12.3 billion, versus $13.09 billion, and adjusted earnings per share of $0.84 to $0.86 versus the estimate of $0.92.
Cisco expects full-year 2024 revenue of $51.5-52.5 billion, compared to estimated revenue of $54.26 billion and adjusted earnings per share of $3.68-3.74 , compared to the street view of $3.86.
Cisco expects to reduce its global workforce by approximately 5% and recognize pre-tax liabilities of approximately $800 million.
Meanwhile, the company reported second-quarter adjusted earnings per share of $0.87, beating analysts’ consensus estimate of $0.84, and revenue of $12.79 billion, beating analysts’ estimate of 12.71 billion dollars.
Additionally, the company increased its quarterly dividend per share by 3% to $0.40, payable on April 24, 2024 to all shareholders of record as of April 4, 2024.
Price action: As of last check on Thursday, CSCO shares fell 2.17% to $49.19.
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