Cisco Systems, the technology industry’s biggest computer infrastructure equipment maker, said on Wednesday that it planned to cut 4,000 jobs, or roughly 5 percent of its work force, in an effort to trim costs and reorganize during what executives described as a “challenging” global economic climate.
The cuts were announced even as Cisco, which sells networking software and services and videoconferencing systems, reported better-than-expected earnings in the fourth quarter of its fiscal year.
John Chambers, the company’s chief executive, said that despite the promising figures, the company still faced significant challenges in the coming months.
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Cisco CEO John Chambers said the company needs
to make a fresh attempt to reduce costs and refocus
on new growth areas
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Cisco was one of the first companies to aggressively cut costs at the end of the dot-com boom, a move some say allowed the company to rebound more quickly when the economy improved.
Given Cisco’s dominant position and Mr. Chambers’s reputation for spotting trouble early, Mr. Passi said the news was likely to be interpreted as a bad sign for the entire industry.Read the full story HERE and watch a related video below:
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1 comment:
Have a look back at the job bleed at the end of W's presidency and then get back to me.
A mill a month yeah
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