Cisco to cut another 6,000 jobs as forecast falls flat
Cisco Systems Inc forecast tepid current-quarter results and said it plans to cut another 6,000 jobs, as the network equipment maker works through a transition toward a new cycle of high-end switches and routers. The latest round of layoffs is at least the third workforce reduction in about as many years for a company once synonymous with the Internet boom, but which has lately struggled to sustain growth. The company announced in August 2013 that it would cut 4,000 jobs. And in 2011, it said it planned to reduce its workforce by more than 11,000. Shares in the company slipped 0.95 per cent to $24.96 in extended trading, from a $25.20 close on the Nasdaq.
Cisco Systems Inc forecast tepid current-quarter results and said it plans to cut another 6,000 jobs, as the network equipment maker works through a transition toward a new cycle of high-end switches and routers. The latest round of layoffs is at least the third workforce reduction in about as many years for a company once synonymous with the Internet boom, but which has lately struggled to sustain growth. The company announced in August 2013 that it would cut 4,000 jobs. And in 2011, it said it planned to reduce its workforce by more than 11,000. Shares in the company slipped 0.95 per cent to $24.96 in extended trading, from a $25.20 close on the Nasdaq.
Read the Economic Times news report here.
