Cisco Beats Street, Lowers Guidance, Announces 6,000 Job Cuts

Cisco Systems (CSCO) posted quarterly results after Wednesday's close which beat expectations and also announced that it would slash 6,000 jobs, or 8% of its workforce. The networking equipment giant also said profits for the current quarter will be below forecasts. Profits for the latest quarter came in at 55 cents a share, two cents better than expectations. On the top line, revenue was roughly $12.4 billion, higher than estimates. Cisco CEO John Chambers said on the company's conference call that trends in emerging countries declined in the latest quarter and could worsen over the coming quarters. TheStreet's Ruben Ramirez reports from Wall Street.