TURNING AROUND: Cisco Systems Inc. posted an 8 percent drop in net income and a 5 percent rise in revenue for its latest quarter, beating analysts expectations.
SLASHING JOBS: The results come as Cisco is tightening its focus and pulling back on consumer products. It got rid of 12 percent of its work force in the quarter, through layoffs, early retirements and the sale of a factory.
THE OUTLOOK: Cisco expects sales to grow 7 percent to 8 percent from a year ago in the new quarter, ahead of analyst expectations.