Cisco Systems also announced $600-million in severance and other charges related to a new restructuring, which could impact roughly 5% of its work force
raised its full-year revenue and profit forecast amid easing supply chain hurdles and announced $600-million in severance and other charges related to a new restructuring, which could impact roughly 5 per cent of its work force.The company said the restructuring plan will begin in the second quarter of fiscal year 2023.
Cisco said it would book the charges over the next few quarters, which included some costs related to downsizing its office space as more people work in a hybrid home-and-office model. Cisco’s revenue was $13.63-billion in the first quarter, above analysts’ estimates of $13.31-billion, according to Refinitiv data.
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