04:56 AM EDT, 08/15/2024 (MT Newswires) -- (Updates with the latest stock move in the headline and the first paragraph.)

Cisco Systems ( CSCO ) shares were trading up over 5% in premarket activity Thursday after the company overnight reported a slower-than-anticipated decline in fiscal Q4 earnings and sales and outlined a restructuring program.

The company reported fiscal Q4 non-GAAP earnings late Wednesday of $0.87 per diluted share, down from $1.14 a year earlier.

Analysts polled by Capital IQ expected $0.85.

Revenue for the quarter ended July 27 was $13.64 billion, down from $15.20 billion a year earlier.

Analysts surveyed by Capital IQ expected $13.54 billion.

The company expects fiscal Q1 2025 non-GAAP EPS between $0.86 and $0.88 on revenue ranging from $13.65 billion to $13.85 billion. Analysts polled by Capital IQ expect $0.85 and $13.76 billion, respectively.

The company expects fiscal 2025 non-GAAP EPS of $3.52 to $3.58 on revenue between $55 billion and $56.2 billion. Analysts surveyed by Capital IQ expect $3.55 and $55.68 billion.

The company maintained its quarterly dividend at $0.40 per share, payable Oct. 23 to stockholders of record Oct. 2.

Separately, the company outlined a restructuring plan that will likely affect roughly 7% of its global workforce, according to a regulatory filing.

Cisco ( CSCO ) expects to recognize pretax charges to its GAAP financial results of up to $1 billion, saying the charges are mainly cash-based.

The company expects to recognize $700 million to $800 million of the charges in fiscal Q1, with the rest to be recognized during the rest of the year.

Price: 47.99, Change: +2.55, Percent Change: +5.61