The networking firm said that it would cut 7% of its staff, or 6,300 employees globally.
In its fourth quarter ended July 27, 2024, Cisco earned 87 cents a share. Revenue topped $13.64 billion. Splunk added $960 million to those results.
Among the Magnificent 7, Alphabet (GOOG) has the highest risks—the stock risks facing higher selling pressure as markets price in the risks of a breakup. Last week, the courts ruled that Google operated anti-competitive. Fearful investors may recall that Microsoft’s antitrust case loss prevented it from growing for several decades.
Alphabet will need to prove that Apple (AAPL), Amazon (AMZN), and Meta Platforms (META) are just as big. Their presence prevents Google from acting as a monopoly.
On Wednesday, a judge said that he plans to force the firm to give Android users more ways to download apps.
Elsewhere in the litigation front, Johnson & Johnson (JNJ) may show its support for a $6.48 billion offer to settle its Baby Powder and talc product case. The products are thought to cause cancer.
JNJ shares bottomed at around $145 between April and July. It closed at $158.48, 9.75% below its 52-week high.
