Cisco Systems Expects $600 Million in Pretax Charges Related to Restructuring
16 November 2022 - 11:27PM
Dow Jones News
By Denny Jacob
Cisco Systems Inc. said it expects to recognize pretax charges
of around $600 million in conjunction with a restructuring
plan.
The networking-equipment giant said the charges, which are
primarily cash-based, will consist of severance and other-time
termination benefits, real estate-related charges and other costs.
Cisco said it expects to recognize about $300 million of these
charges in the second quarter, about $200 million in the second
half of fiscal 2023 and the remaining amount primarily through the
first quarter of fiscal 2024.
Cisco said it will take action under its plan beginning in the
second quarter of fiscal 2023. The company said the restructuring
plan, issued Wednesday, is to rebalance the company and enable
further investment in key priority areas.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
November 16, 2022 17:12 ET (22:12 GMT)
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