Shares of Systems traded higher after the network infrastructure company reported better-than-expected revenue and profit growth for its fiscal first quarter ended Oct. 29. The company also raised its guidance for the year.
Cisco CEO Chuck Robbins also revealed that the company has “right-sized certain businesses,” cutting headcount in some areas. Cisco Chief Financial Officer Scott Herren said in an interview that the layoffs could affect up to 5 percent of the workforce. As of the end of July, Cisco had 83,300 employees. Despite the planned layoffs, Cisco expects to end the current fiscal year with roughly the same number of employees as at the beginning of the year.