NEW YORK (AP) — Cisco's earnings and revenue grew in the latest quarter as demand for its computer networking equipment increased. But CEO John Chambers called the global economy "challenging and inconsistent," and the company said it is cutting about 4,000 jobs, or about 5 percent of its workforce.
The company's revenue guidance for the current quarter was weaker than Wall Street expected, and shares fell sharply in extended trading.
Cisco Systems Inc. earned $2.23 billion, or 42 cents per share, in the three months that ended on July 27. That's up from $1.92 billion, or 36 cents per share, a year earlier.
Adjusted earnings were 52 cents per share in the latest quarter, squeaking past Wall Street's expectations by a penny. This figure excludes charges stemming from a patent settlement with TiVo and other one-time items.
Revenue rose 6 percent to $12.42 billion from $11.69 billion.