Cisco to cut 5,500 jobs in shift away from switches, routers

By on August 17, 2016

Cisco Techniques Inc reported a 2 % drop in quarterly Income and said it will lay off up to 5,500 employees, or just about 7 p.c of its body of workers, as the arena’s biggest networking tools maker struggles with sluggish demand for its main switching and routing business.

Then Again, the corporate’s internet revenue rose to $ 2.81 billion, or 56 cents per share, within the fourth quarter ended July 30, from $ 2.32 billion, or Forty Five cents per share, a year earlier.

Earnings fell to $ 12.64 billion from $ 12.Eighty Four billion.

Know-how Information web page CRN, citing sources with reference to the corporate, said on Tuesday that Cisco planned to lay off about 14,000 employees, or virtually 20 p.c of its body of workers.

(Reporting by means of Arathy S Nair and Anya George Tharakan in Bengaluru; Modifying by way of Sriraj Kalluvila)

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