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Cisco announces 4000 layoffs from the quarter

Source: Internet
Author: User
Keywords Layoffs Cisco
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Sina Science and technology news Beijing time of August 15, Cisco (26.38,0.05,0.18%) Wednesday announced that from the quarter will lay off 4000 people. Meanwhile, Cisco CFO Frank Cardeloni, Frank Calderoni, said on the earnings call that the company would be spending 550 million dollars (before taxes) on restructuring in the next quarter. Cisco accounts for 5% of the world's workforce, the second time Cisco plans to cut jobs this year. Cisco has laid off 500 people in March this year. Last July, the company laid off 1300 people, accounting for 2% of its total staff. The layoffs were similar to the company's layoffs two years ago, when Cisco announced that it would lay off 6500 people worldwide. Cisco released its financial results for fiscal year 2013 in Wednesday. Earnings showed Cisco's quarterly results were not up to expectations. Cisco's share price plunged by more than 9% in Wednesday after trading. (Chen)

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