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Tuesday, 12 July 2011 10:54

Cisco to cut up to 10,000 jobs

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To boost profits, appease Wall Street
Cisco is said to be planning cutting as many as 10,000 jobs worldwide, or about 14 percent of its workforce.

About 7,000 jobs will be eliminated by the end of August, while an additional 3,000 workers opted for early retirement.

The move is basically aimed at reassuring investors and boosting profits in the short-term. The job cut is expected to save Cisco about $1 billion in fiscal 2012. Additional cost cutting measures have also been implemented, a company spokesperson told Bloomberg.

However, analysts are not entirely sold on the massive job cut. Some believe Cisco will continue to lose market share to the likes of Juniper and HP and that more has to be done to turn the company around.

More here.

 

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