(Bloomberg) — Cisco Systems Inc. shares tumbled Thursday after the company gave a lackluster sales forecast, signaling that businesses are spending less in the pandemic-driven recession.Chief Executive Officer Chuck Robbins pledged to reduce expenses by $1 billion through a reorganization that will include job cuts and early retirement for some workers. The plan will cost about $900 million, which will include severance and other “termination benefits,” the company said in a regulatory filing. Chief Financial Officer Kelly Kramer is also leaving.Revenue will fall 9% to 11% from a year earlier in the fiscal first quarter, which ends in late October, …read more
Source:: Yahoo Finance
