Cisco may eliminate 10,000 jobs

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Cisco may eliminate 10,000 jobs Cisco Systems may cut about 14 per cent of its workforce, to revive profit growth. Cisco is planning to cut almost 10,000 jobs. As many as 7,000 jobs would be eliminated by the end of August. Cisco is also providing early-retirement packages to about 3,000 workers who took buyouts.

The pending job cuts "will help right the ship" and achieve a reduction in operating expenses by about $1 billion annually. Cisco would also need to lower its long-term revenue growth target to about 10 per cent from a forecast of 12-17 per cent.

Prior to this, Cisco's record layoffs came in 2001, when the company shed nearly 8,000 jobs.

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