Last Updated: February 15, 2024, 10:07 IST
In India, Baramati MP Supriya Sule drafted the Right to Disconnect Bill, 2018, which was by no means taken up by Parliament for dialogue. (Representative picture)
Cisco expects third-quarter income between $12.1 billion and $12.3 billion, beneath estimates of $13.1 billion, based on LSEG knowledge.
Cisco Systems stated it will minimize 5% of its international workforce, or greater than 4,000 jobs, and lowered its annual income goal as the corporate navigates a tricky financial system that has led to 1000’s of layoffs by tech companies this 12 months.
Shares of the networking gear maker fell greater than 5% in prolonged buying and selling on Wednesday, after Cisco minimize the forecast to $51.5 billion to $52.5 billion from $53.8 billion to $55 billion, it projected earlier.
“We also continue to see weak demand with our telco and cable service provider customers,” CEO Charles Robbins stated in a convention name.
Analysts count on demand for Cisco’s merchandise to stay underneath stress, as purchasers within the telecom business limit spending, prioritizing clearing their extra stock of networking gear.
The networking {hardware} stock pile-up ought to resolve within the second half of 2024 or early 2025, Joe Brunetto, analyst at Third Bridge stated.
Meanwhile, Cisco is specializing in synthetic intelligence and partnership with Nvidia to spice up development. CEO Robbins stated Nvidia agreed to make use of Cisco’s ethernet with its personal know-how that’s extensively utilized in knowledge facilities and AI functions.
Cisco expects third-quarter income between $12.1 billion and $12.3 billion, beneath estimates of $13.1 billion, based on LSEG knowledge.
The firm, which has 85,000 staff, was planning layoffs and restructuring to deal with excessive-development areas, three sources acquainted with the matter informed Reuters earlier this month.
It will incur a cost of $800 million on the layoffs earlier than tax consisting of severance and different prices and expects to be acknowledge the vast majority of the costs within the first half of fiscal 2025.
In the second quarter, Cisco recorded an adjusted revenue of 87 cents per share and income of $12.79 billion, each above LSEG estimates.
(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – Reuters)
