TV News LIES

Monday, Mar 27th

Last update05:20:13 AM GMT

You are here News Economy Largest networking-equipment maker Cisco may cut 10k jobs to help company save $1 billion

Largest networking-equipment maker Cisco may cut 10k jobs to help company save $1 billion

E-mail Print PDF

CiscoCisco Systems, the largest networking-equipment company, may cut as many as 10,000 jobs, or about 14%of its workforce, to revive profit growth, according to two people familiar with the plans.

The cuts include as many as 7,000 jobs that would be eliminated by the end of August, said the people, who asked not to be identified because the plans aren't final.

Cisco is also providing early-retirement packages to about 3,000 workers who accepted buyouts, the people said. Cisco CEO John Chambers is slashing jobs and exiting less-profitable businesses as competitors such as Juniper Networks and Hewlett-Packard take market share in Cisco's main businesses with lower-priced, simpler products.

Sales of Cisco's switches and routers, which made up more than half of revenue last year, will continue to slip, said Brian Marshall, an analyst at Gleacher & Co. Eliminating jobs will help Cisco wring $1 billion in savings in fiscal 2012, the company said in May.

Cisco expects costs of $500 million to $1.1 billion in the fiscal fourth quarter as a result of the voluntary early retirement program, it said in a quarterly filing. "We will provide additional detail on the cost reductions, including layoffs, on our next earnings call," Karen Tillman, a spokeswoman for San Jose, California-based Cisco, said in reference to an earnings call scheduled for early August.

More...


Most Recent Related Stories...


Trump touts Charter hiring that was in works for two years

Charter hiring goes back two yearsU.S. President Donald Trump on Friday touted Charter Communications Inc's decision to invest $25 billion in...

GM to lay off 1,100 at Michigan plant, move Acadia

GM to lay off 1,000General Motors Co. will lay off as many as 1,100 workers at its Lansing Delta Township...

Fed hikes interest rates, signals two more increases for 2017

Interrest rates increaseThe Federal Reserve’s top policymaking body on Wednesday pulled the trigger on another increase in interest...

Deutsche Bank plunges back into the red with $2 billion loss

Deutsche Bank in the redDeutsche Bank is firmly back in the red.Germany's biggest bank posted a net loss of €1.9...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!