Cisco up after announcing it will cut 7% of global workforce
** Shares of Cisco Systems CSCO.O rise 5.7% to $48.02 in extended trading
** Company forecast better-than-expected first-quarter revenue on Wednesday and said it was cutting 7% of its global workforce
** CSCO expects first-quarter revenue in the range of $13.65 billion and $13.85 billion, while analysts on average expect $13.71 billion, according to LSEG data
** It says it will recognize pre-tax charges of up to $1 billion in connection with the restructuring plan, with $700 million to $800 million of these being recognized in the first quarter
** CSCO has fallen ~10% YTD
Reporting by Juby Babu in Mexico City and Jaiveer Shekhawat in Bengaluru
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