Cisco Cutting 6,000 Jobs as CEO Forecasts Stagnant Growth
August 13, 2014
Cisco Systems is cutting 6,000 jobs and forecasting little to no revenue growth in the current quarter amid a slump in demand from phone and cable companies, and weakness in emerging markets.
The world’s largest networking-equipment maker, which has about 74,000 employees, said it will take a pretax charge of as much as $700 million. Including the latest round of firings, which represent about 8 percent of the workforce, Cisco has eliminated more than 18,000 people since 2011.
Cisco Cutting 6,000 Jobs as CEO Forecasts Stagnant Growth Cisco to cut another 6,000 jobs as forecast falls flat (Reuters) Cisco to cut up to 6,000 jobs (USAToday) Cisco cutting 8% of workforce, or 6,000 jobs, in restructuring plan (CNBC)