HYIP-Man: Cisco to cut 6000 jobs as sales decline
Thursday, August 14, 2014
Cisco to cut 6000 jobs as sales decline

Third round of layoffs in as many years.

Cisco plans to cut another 6000 jobs as it prepares to unveil tepid results for its last quarter and works through a transition towards 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 4000 jobs. And in 2011, it said it planned to reduce its workforce by more than 11,000.

Shares in the company slipped 0.95 percent to US$24.96 (A$26.83) in extended trading, from a US$25.20 close on the Nasdaq.

"The market doesn't wait for anyone. We are going to lead it, period," CEO John Chambers told analysts on a conference call.

"The ability to do that requires some tough decisions. We will manage our costs aggressively and drive efficiencies."


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