Cisco Sees Recovery in Equipment Demand, Cuts 7 Percent Jobs Globally

Cisco Sees Recovery in Equipment Demand, Cuts 7 Percent Jobs Globally
A man passes under a Cisco logo at the Mobile World Congress in Barcelona, Spain, on Feb. 25, 2019. Sergio Perez/Reuters
Reuters
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Cisco Systems said on Wednesday it was witnessing rebounding demand for its networking equipment and announced a 7 percent cut in its global headcount to focus on high-growth areas such as AI and cybersecurity.

Shares of the company were up 5 percent in extended trading after it forecast upbeat current-quarter revenue.