Cisco Systems Inc (NASDAQ:CSCO) shares are trading lower premarket today after the company issued below-consensus third quarter and FY24 Adjusted EPS and sales guidance and disclosed workforce reduction yesterday.
The company issued guidance for third-quarter revenue of $12.1 billion-$12.3 billion, vs. $13.09 billion, and Adjusted EPS of $0.84-$0.86 vs. $0.92 estimate.
Cisco sees full-year 2024 revenue of $51.5 billion-$52.5 billion, versus estimated revenue of $54.26 billion and Adjusted EPS of $3.68-$3.74, versus the street view of $3.86.
Cisco plans to cut its global workforce by around 5% and recognize pre-tax charges of approximately $800 million.
Meanwhile, the company reported second-quarter Adjusted EPS of $0.87, beating the analyst consensus estimate of $0.84, and sales of $12.79 billion, beating the analyst estimate of $12.71 billion.
Also, the company raised the quarterly dividend per share by 3% to $0.40, payable on April 24, 2024, to all stockholders of record as of April 4, 2024.
Price Action: CSCO shares are down 2.17% at $49.19 on the last check Thursday.
Image: Shutterstock/ Anucha Cheechang
