Cisco Systems plays Defense
Cisco System's (NASDAQ:CSCO) CEO John Chambers is planning on implementing changes at his company in the coming weeks to help rebuild credibility for investors and employees. Welcome news for shareholders as Cisco's stock has dropped 37% since last April.
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Over the past 12 months Cisco Systems Inc (CSCO) shares have traded between $16.97 and its 52-week high of $27.74. Cisco Systems is trading with a P/E Ratio of 12.9 and EPS of 1.32. Cisco's current market cap is $96.5 billion and its shares are 2.86% from its 52-week low.
(Bloomberg.com) Cisco Systems Inc. (CSCO) Chief Executive Officer John Chambers, after reporting disappointing quarterly earnings four times in a row, plans to make changes at the company to fix its “lost credibility.”
“You will see Cisco make a number of targeted moves in the coming weeks,” Chambers said yesterday in a memo to employees of the San Jose, California-based company. He didn’t detail the changes he would make.
Cisco has struggled to meet sales growth goals while pushing into 30 new markets. To help streamline the business, Chambers elevated Gary Moore to chief operating officer in February, creating a new position. Moore, 61, is overseeing the engineering, marketing, operations and services organizations.
“We have disappointed our investors and we have confused our employees,” Chambers said in the memo. “Bottom line, we have lost some of the credibility that is foundational to Cisco’s success -- and we must earn it back.”