Admittedly, Ciscos financial results have not made happy reading recently because, in common with many other large technology companies, it has seen demand for its products decline in the downturn. In early February it announced that its fiscal second-quarter revenues of $ 9.1 billion were 7.5% lower than the same period in 2008 and that its profit had fallen by 27%, to $1.5 billion.
In response to hard times, Cisco plans to cut $1 billion of costs this year by, among other things, making use of its own video-conferencing and other communications technologies to reduce the amount its executives travel. It is also using these facilities to relay information from employees on the ground to its senior managers, and to get instructions from Ciscos leaders back out to its 67,000 staff. A rapid exchange of information and instructions is especially valuable if the company wants to alter course in stormy times.
If everybody in a company can rapidly grasp what they have to do and how it is changing, they are more likely to get the job done. But some firms are reluctant to share their goals with the wider world. Unilever, a big Anglo-Dutch consumer-goods group, has decided against issuing a 2009 financial forecast to investors, arguing that it is difficult to predict what is going to happen, given the dangerous state of the world economy. Were not just going to provide numbers for the sake of it, explains James Allison, the companys head of investor relations. Other companies that have decided not to provide annual earnings estimates for 2009 include Costco, a big American retailer, and Union Pacific, an American railway company.
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