|Bid||31.71 x 200|
|Ask||32.29 x 400|
|Day's range||31.76 - 32.28|
|52-week range||28.07 - 34.60|
|PE ratio (TTM)||16.28|
|Dividend & yield||1.16 (3.65%)|
|1y target est||N/A|
Network equipment maker Cisco Systems said Wednesday it was cutting 1,100 jobs after reporting weaker-than-expected financial results in the past quarter. Following the announcement Cisco shares slumped more than five percent in after-hours trading. Cisco -- which last year said it would eliminate around seven percent of its workforce, or 5,800 jobs -- said the plan now required further cuts, without offering details on the regions or staff concerned.
Cisco Systems announced a $3.7 billion deal to buy a startup specializing in improving the performance of applications, continuing to expand beyond computer networking hardware. The acquisition of AppDynamics came as the San Francisco-based startup was on the cusp of going public with an initial offering of stock. AppDynamics software enables businesses to monitor performance of applications and figure out ways to avoid problems and get them to run more smoothly.
Cisco Systems on Wednesday announced plans to cut seven percent of its global workforce as it shifts its focus from networking hardware to software and services. The plan to eliminate 5,500 positions came as earnings reports showed Cisco's profit for the fiscal year climbed to $10.7 billion, 20 percent more than the previous year. "I am particularly pleased with our performance in priority areas including security, data center switching, collaboration, services as well as our overall performance," said Cisco chief executive Chuck Robbins.