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Edition: U.S. Article Comments (1) Follow Reuters Facebook Twitter RSS YouTube Read Senator describes "gruesome" bin Laden photos 11 May 2011 Rapper attends White House event despite criticism 11 May 2011 Do bedbugs carry superbugs? 11 May 2011 Libyan TV shows first film of Gaddafi in two weeks | 12:06am EDT Cisco warns of sales miss, eyes $1 billion savings 11 May 2011 Discussed 148 Obama at U.S. base to pay tribute to bin Laden mission 129 Boehner demands trillion-dollar cuts in debt deal 110 Son says bin Laden sea burial demeans family: report Watched Deadly earthquake rocks Spain Wed, May 11 2011 Commodities sink as dollar rebounds Wed, May 11 2011 Russia 'shot down Georgia' drone Mon, Apr 21 2008 Cisco warns of sales miss, eyes $1 billion savings Tweet Share this By Jim Finkle and Sinead Carew BOSTON/NEW YORK (Reuters) - Cisco Systems Inc warned that it will fare worse this quarter than Wall Street had feared, and laid out plans for global job cuts as it struggles to revive growth. Shares of Cisco fell 3... Email Print Related News Instant view: Cisco beats Street target, shares firm Wed, May 11 2011 Analysis & Opinion Microsoft and Cisco CEOs have much in common Muni sweeps: Connecticut may issue layoff notices Related Topics Technology » Media » Stocks A pedestrian walks past the Cisco logo at the technology company's campus in San Jose, California February 3, 2010. Credit: Reuters/Robert Galbraith By Jim Finkle and Sinead Carew BOSTON/NEW YORK | Wed May 11, 2011 8:56pm EDT BOSTON/NEW YORK (Reuters) - Cisco Systems Inc warned that it will fare worse this quarter than Wall Street had feared, and laid out plans for global job cuts as it struggles to revive growth. Shares of Cisco fell 3 percent after the world's largest networking equipment maker projected nearly flat sales growth this quarter. CEO John Chambers, who admitted last month that the Silicon Valley bellwether had lost its way, cautioned that Cisco's fiscal year starting August would also not live up to the company's previous growth expectations. The company is preparing a round of layoffs around the world, aiming to cut annual expenses by $1 billion, Chambers told analysts on a Wednesday conference call. Most of the cutbacks would be done by the end of the company's fiscal first quarter, though Chambers would not be drawn on their scale. Employees hurt by the layoffs would know by the end of the summer. "Cisco is a very strong company in a healthy market with a few problematic areas," he said. But his optimism failed to impress shareholders, who sent Cisco shares down in late trade after the weak guidance. Cisco's sales warning obliterated an initial 4-percent lift after the company posted quarterly earnings that exceeded low expectations. "Cisco is in a period of transition. There's a very negative camp that believes that Cisco is in a long decline ... which is why the stock is so inexpensive," said Evercore Partners analyst Alkesh Shah. The results come as Chambers works to turn around the Silicon Valley bellwether. Since the rare admission, he has trimmed the company's bloated management structure, offered early retirement to some employees, killed the Flip camcorder and laid off 550 workers. Chambers said he would decide on the next round of layoffs very quickly. "Each time we've done this in the past, we've done it crisply and emerged out of it stronger. ... We want to do it surgically instead of with a blunt instrument," he said. "We were all here for the last couple of weeks, 9:30 at night, although the pizza wasn't too good." ZEROING IN ON SWITCHES Cisco warned that overall fourth-quarter revenue would be flat to just 2 percent higher than a year earlier, implying a range of $10.84 billion to $11.05 billion, below expectations for $11.59 billion according to Thomson Reuters I/B/E/S. Cisco shares slid 1 percent to $17.72 after rising as much as 4.2 percent to $18.53 from a Nasdaq close of $17.78. During the conference call, analysts grilled Chambers about his plans for reviving his bread-and-butter business of selling the plumbing of the Internet and corporate networks. They zeroed in on its switching business, where sales fell 9 percent in the third quarter after sliding 7 percent in the second quarter. Chief Financial Officer Frank Calderoni told Reuters he could not say when Cisco's switching business would grow again. Before the company gave out weaker-than-expected guidance investors had been hoping the results would beat forecasts. The company reported profit, excluding items, of 42 cents per share, for the fiscal third quarter ended April 30, beating the average analyst forecast of 37 cents according to Thomson Reuters I/B/E/S. "This relieves a bit of investor concern in the near term," said Gleacher & Co analyst Brian Marshall. "While April results look decent relative to expectations, we've longer-term issues the company needs to address." It delivered a non-GAAP gross margin of 63.9 percent, ahead of its forecast of 62 to 63 percent. Net income fell to $1.8 billion, or 33 cents per share, from $2.2 billion, or 37 cents per share, a year earlier. (Reporting by Jim Finkle, Sinead Carew; Writing by Edwin Chan; Editing by Richard Chang, Robert MacMillan and Bernard Orr) Technology Media Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (1) Jzyehoshua wrote: The obvious question of course is, if sales simply remained flat, why are layoffs required en masse? Given the economic downturn, why were sales expected anyway? It sounds like they did a hiring splurge expecting increased sales which never materialized. On another note, while Chambers has reduced corporate compensation, his own pay last year doubled to $18.9 million. Yes, he has reduced the company’s management structure, but will he cut pay for himself as well? May 11, 2011 9:30pm EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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