Computer Giant Cisco to Axe 5,500 Jobs
The cuts represent about 7 percent of the company's workforce.
— -- Cisco, a major manufacturer of computer networking hardware, announced today that it will cut 5,500 jobs by the end of October. The job eliminations will affect 7 percent of its global workforce.
In financial results released today, the company said that the cuts would allow it to “optimize our cost base in lower growth areas of our portfolio and further invest in key priority areas such as security, [internet of things], collaboration, next generation data center and cloud [sic].”
As more and more corporate customers transition to the cloud and away from in-house IT, Cisco has been hurt, The Associated Press reported.
The company’s results beat analysts’ estimates, but its stock was down just over 1 percent in after-hours trading.
