Cisco May Cut About 5,000 Jobs: Analyst |
| Bloomberg - Jul 11, 2011 |
Cisco Systems Inc. (CSCO) may begin one of its largest workforce reductions in August by eliminating about 5,000 jobs, Gleacher & Co. said in a research report today.
Cisco Chief Executive Officer John Chambers said he planned to cut more jobs and drop less-profitable businesses after closing the Flip video-camera unit and firing 550 workers in May. The company will give an update “on the cost reductions, including layoffs, on our next earnings call,” Karen Tillman, a spokeswoman, said in an e-mailed statement today.
Chambers is leading a turnaround at the world’s largest networking-equipment company as rivals including Juniper Networks Inc. (JNPR) and Hewlett-Packard Co. (HPQ) are pitching lower-priced, simpler products. Additional job cuts could trim operating expenses by about $1 billion annually and boost 2012 earnings by about 8 percent, said Brian Marshall, an analyst at Gleacher.
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- Posted: 2011-07-11 13:11:06
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