TweakTown
Tech content trusted by users in North America and around the world
6,134 Reviews & Articles | 39,393 News Posts

Cisco announces restructuring and layoffs with 6000 job cuts

Cisco makes the biggest round of layoffs since restructuring was announced in 2011, 6000 workers affected

| Business, Financial & Legal News | Posted: Aug 14, 2014 5:00 pm

Cisco is one of the largest networking firms in the US. The company recently announced its latest quarterly earnings and along with those earnings announced continued plans for restructuring. The company will lay off about 6000 people, equating to about 8% of its workforce.

 

TweakTown image news/3/9/39682_8_cisco_announces_restructuring_and_layoffs_with_6000_job_cuts.jpg

 

This round of layoffs is the largest restructuring action since restructuring began in 2011. The company plans to take as much as $700 million in restructuring charges, with half that amount coming in the quarter that ends in October.

 

CEO John Chambers said in a statement, "I'm pleased with how we are transforming our company over the past several years and that journey continues. ... We are focused on growth, innovation and talent, especially in the areas of security, data center, software, cloud and Internet of everything. Our strategy is sound, our financials are strong, and our market leadership is secure. We have the team in place to deliver and are uniquely positioned to help our customers solve their biggest business problems."

NEWS SOURCES:Recode.net

Related Tags

Further Reading: Read and find more Business, Financial & Legal news at our Business, Financial & Legal news index page.

Do you get our news RSS feed? Get It!

Got an opinion on this news? Post a comment below!

Latest Tech News Posts

View More News Posts

Forum Activity

View More Forum Posts

Press Releases

View More Press Releases