Shares of Cisco Systems (CSCO) are dropping Thursday morning as the company cut its full-year guidance and moves to cut 4,000 employees, or 5% of its total workforce, which will amount to nearly $800 million in severance costs. Will this be enough to deter investors from the company? Morningstar Equity Analyst William Kerwin joins Yahoo Finance to discuss Cisco's performance and give insight into the company's future both in the long-term and short-term. Kerwin explains why Cisco's recovery may take longer than expected after coming out of a slowdown: "We think it will last through 2024, quite frankly, and thereafter, we don't necessarily forecast a snapback, so to speak, in demand but more so a return to what is typically low single-digit growth for Cisco, and that's all that we need to see for our thesis to bear out." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live. Editor's note: This article was written by Nicholas Jacobino
Shares of Cisco Systems (CSCO) are dropping Thursday morning as the company cut its full-year guidance and moves to cut 4,000 employees, or 5% of its total workforce, which will amount to nearly $800 million in severance costs. Will this be enough to deter investors from the company?
Morningstar Equity Analyst William Kerwin joins Yahoo Finance to discuss Cisco's performance and give insight into the company's future both in the long-term and short-term.
Kerwin explains why Cisco's recovery may take longer than expected after coming out of a slowdown: "We think it will last through 2024, quite frankly, and thereafter, we don't necessarily forecast a snapback, so to speak, in demand but more so a return to what is typically low single-digit growth for Cisco, and that's all that we need to see for our thesis to bear out."
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Nicholas Jacobino
The Wall Street Journal
How good was Cisco’s most-recent fiscal year? The maker of networking and telecommunications equipment said late Wednesday that revenue fell nearly 6% year over year to $12.8 billion in its [fiscal second quarter](https://www.wsj.com/livecoverage/stock-market-today-dow-jones-earnings-02-14-2024/card/cisco-stock-falls-after-earnings-outlook-cut-again-4QyMDjtNdCCAq0j1ghTL) ended January. The recent declines mark a rapid change of fortune for Cisco.
Bloomberg
(Bloomberg) -- In the midst of the Covid-19 crisis, MicroStrategy Inc.’s Michael Saylor made the then little-noticed decision to invest the enterprise-software maker’s cash into Bitcoin.Most Read from BloombergJapan Loses Its Spot as World's Third-Largest Economy as It Slips Into RecessionPutin Steps Into US Race to Back ‘Old-Style’ Biden Over TrumpIsrael Quits Ceasefire Talks Over ‘Delusional’ Hamas DemandsTrump Eyes NATO Makeover, Hurried Peace in Ukraine If ElectedThe Brutal Reality of Plungi
Benzinga
Cisco Systems, Inc. (NASDAQ: CSCO) is expected to release earnings results for its second quarter, after the closing bell on Feb. 14, 2024. Analysts expect the company to report quarterly earnings at 84 cents per share, down from year-ago earnings of 88 cents per share. The company is projected to post revenue of $12.71 billion for the latest quarter, according to data from Benzinga Pro. On Monday, UBS analyst David Vogt maintained Cisco Systems with a Neutral and raised the price target from $5
Barrons.com
Shares of Yeti were trading sharply lower on the heels of a discouraging earnings report that offered insight into consumer behavior. Yeti stock was down 12% to $42.35 on Thursday, putting it on track for its largest decrease since Aug. 4, 2022, when it dropped 19%, according to Dow Jones Market Data. A year earlier, Yeti earned 78 cents a share.
Reuters
NEW YORK (Reuters) -Republican Senator Marco Rubio asked the U.S. Securities and Exchange Commission to block Shein’s bid to list publicly in New York unless the e-tailer makes additional disclosures about its business operations and "the serious risks of doing business" in China. In a letter sent Thursday to SEC Chair Gary Gensler, seen exclusively by Reuters, Rubio wrote that Shein’s recent decision to request approval from Beijing for a prospective U.S. IPO “raises serious doubts” about the accuracy of the company’s filings. New rules passed by China's securities watchdog in 2023 allow the China Securities Regulatory Commission to vet offshore listings and block offerings that could threaten the country’s national interests.
Reuters
Elon Musk has claimed that Delaware, home to much of corporate America, is trying to prevent businesses from heeding his call to leave the state, where a court invalidated his $56 billion Tesla pay package. Since the Delaware Court of Chancery ruled to rescind Musk's record pay package on Jan. 31, the Tesla CEO has posted on social media about reincorporating the electric vehicle maker in Texas, where it has its headquarters, and encouraging others to follow. "Move your company out of Delaware before they lock the doors, as they just did with Tripadvisor," Musk tweeted on Monday.
Reuters
Reading "War and Peace," Leo Tolstoy's monumental novel that runs half a million words long and often over 1,000 pages, might be a minute-long affair for a new artificial intelligence model from Google. In a single prompt, a user can ask Google's AI to analyze vastly more content than before -- 30,000 lines of code, 11 hours of audio, a whole hour of video, Google said. Google's increasingly voracious AI, on the heels of releases by ChatGPT's creator OpenAI and others, reflects the rapid arms race underway in Silicon Valley to build the most capable - and marketable - technology yet.
Reuters
Using artificial intelligence has already increased sales for around two thirds of the telecoms professionals surveyed for technology giant Nvidia. Only 10% of respondents in the survey of more than 400 professionals said their company was not using AI. Nvidia, which on Wednesday eclipsed Google-parent Alphabet as the third most valuable U.S. company, has seen its business of supplying AI chips boom as companies race to adopt the technology.
Yahoo Finance
The vocal advocates for reforms to state and local tax (SALT) deductions have often been able to garner plenty of attention for their cause but have proven markedly less able to get their demands enacted into law.
Read more --->