Author Topic: Cisco CEO smoother than AOL's chief in firing workers  (Read 1704 times)

pipthom

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Cisco CEO smoother than AOL's chief in firing workers
« on: August 16, 2013, 04:57:31 PM »
Chief Executive Tim Armstrong isn't the only CEO doing surprise firings during conference calls. Cisco Systems (CSCO) CEO John Chambers got in the act late Wednesday, axing 4,000 employees, or 5% of the company's workforce.

Cisco didn't mention the layoffs in its fiscal fourth-quarter earnings press release. Chambers sprung that news on Wall Street and employees during a conference call with analysts. The networking gear maker's press release was pretty rosy, reporting better-than-expected earnings on in-line sales.

"My confidence in our ability to be the #1 IT company is increasing," Chambers said in the release. "Our fourth quarter was a record on many fronts, with record revenue, and record non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per share. In every case, we exceeded the midpoint of our guidance. We also generated $4 billion in operating cash flow in the quarter, another record."

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