Cisco's shares rose 5.5% in extended trading following the company's announcement of a 7% workforce reduction and quarterly results that exceeded analysts' expectations. Cisco reported adjusted earnings of 87 cents per share, surpassing the expected 85 cents, and revenue of $13.64 billion, slightly above the $13.54 billion forecast.
The company is implementing a restructuring plan, incurring $1 billion in pretax charges, to streamline operations and invest in growth areas. Despite a third consecutive quarter of declining sales and a 45% drop in net income, Cisco's diversification into software and security, notably through its $28 billion acquisition of Splunk, bolstered its performance.
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