Cisco plans to cut 8 percent, or 6,000, employees


Networking hardware giant Cisco(s csco) Systems is slimming down. Again. After another quarter of pallid growth, the company will cut up to 6,000 employees, or about 8 percent of its worldwide workforce in its current first fiscal 2015 quarter. The company forecast flat growth for the upcoming quarter.

John Chambers, Cisco CEO Cisco CEO John Chambers

CEO John Chambers said the company will continue to invest in high-growth areas including cloud, software and security by re-allocating resources there and even make new hires as needed. SeekingAlpha has transcript of the earnings call.

The company expects to take a pre-tax charge of up to $700 million to cover costs associated with this action. Overall, the company logged net income for its fourth quarter ending in July of $2.25 billion or 43 cents per share, slightly down from $2.27 billion or 42 cents per share for the year-ago quarter. Revenue was also off slightly to $12.36 billion from $12.4…

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