Numbers are being crunched.
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Layoff full-time employees in San Jose, and quietly rehire the same role through a contract agency. Saves Cisco an enormous amount of money on health insurance, 401k, and PTO.
Use the money saved for stock buybacks and dividends.
Sharpening steel.
Fly and be free. Peace.
It would be unusual for it to happen after Q3 earnings instead of after Q4 / Year End earnings. Either way its also an embarrassment that the $1 billion charge set aside at the last Q4 earnings call for restructuring (which they have stated was largely complete) was not sufficient and that business conditions continue to deteriorate requiring another significant restructuring.
Honestly, I don't know that Cisco investors care anymore. Cisco isn't a growth company/stock anymore, hasn't been for years. That Cisco gets a little smaller each year doesn't seem to matter. As long as the dividend train keeps rolling they stay happy.
What else is new? This is a quarterly occurrence. No one is surprised.