Cisco to cut about 5,500 jobs, revenue slips
Posted 18 Aug 2016 04:20
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REUTERS: Cisco Systems Inc reported a 2 percent drop in quarterly revenue and said it would lay off up to 5,500 employees, or nearly 7 percent of its workforce, as the world's largest networking gear maker struggles with sluggish demand for its main switching and routing business.
However, the company's net profit rose to US$2.81 billion, or 56 cents per share, in the fourth quarter ended July 30, from US$2.32 billion, or 45 cents per share, a year earlier.
Revenue fell to US$12.64 billion from US$12.84 billion.
Technology news site CRN, citing sources close to the company, reported on Tuesday that Cisco planned to lay off about 14,000 employees, or nearly 20 percent of its workforce.
(Reporting by Arathy S Nair and Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)
- Reuters
http://www.channelnewsasia.com/news/business/cisco-to-cut-about-5-500/3052754.html
Posted 18 Aug 2016 04:20
ENLARGECAPTION
0 Email More
REUTERS: Cisco Systems Inc reported a 2 percent drop in quarterly revenue and said it would lay off up to 5,500 employees, or nearly 7 percent of its workforce, as the world's largest networking gear maker struggles with sluggish demand for its main switching and routing business.
However, the company's net profit rose to US$2.81 billion, or 56 cents per share, in the fourth quarter ended July 30, from US$2.32 billion, or 45 cents per share, a year earlier.
Revenue fell to US$12.64 billion from US$12.84 billion.
Technology news site CRN, citing sources close to the company, reported on Tuesday that Cisco planned to lay off about 14,000 employees, or nearly 20 percent of its workforce.
(Reporting by Arathy S Nair and Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)
- Reuters
http://www.channelnewsasia.com/news/business/cisco-to-cut-about-5-500/3052754.html
