Cisco expects annual sales growth of 5 percent to 7 percent over the next three years, and expects its restructuring is still ongoing in order to increase profits faster than sales of the company, executives said Tuesday at a conference with analysts.
The ongoing restructuring in the past few months have eliminated several 12 900 jobs through a series of measures, including outsourcing, seen and displaced 22 700 people in total, said President and CEO John Chambers in a speech at the company’s San Jose, California.
The company is sharpening its focus on a few key markets and streamlining its sales process to lower the operating costs, Chambers said. These efforts will continue in the coming years, he said. It began earlier this year, after Cisco released disappointing figures.
“We were fat,” said Chambers. “I mean, we had an additional four or five inches at the waist.”
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