Cisco cutting workforce by nine percent

Jul 18, 2011
US networking giant Cisco will eliminate 6,500 jobs, cutting its global workforce by nine percent as part of a move to slash its annual operating costs

US networking giant Cisco on Monday said it will eliminate 6,500 jobs, cutting its global workforce by nine percent as part of a move to slash its annual operating costs.

The California-based company also announced a deal to sell its television set-top box facility in Juarez, Mexico to Foxconn Technology Group. The 5,000 workers at the company will become Foxconn employees, Cisco said.

Foxconn was expected to take over the facility in Mexico in the early months of next year.

Cisco said the moves were part of an action plan to "simplify the organization, refine operations, and reduce annual operating expenses" by a billion dollars.

Cisco in April pulled the plug on its Flip video camera business, which it bought about two years ago for $590 million, and cut 550 .

Cisco's decision to shut down the Flip unit was part of what the company said was a move to exit aspects of its consumer businesses and focus on other priority areas.

Cisco explained at the time that it was realigning its remaining consumer businesses "to support company priorities -- core routing, switching and services; collaboration; architectures; and video."

Cisco chairman and John Chambers said the was devoted to a "network-centric platform strategy."

shares rose slightly to $15.45 in after-hours trading on Wall Street.

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User comments : 10

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freethinking
1 / 5 (3) Jul 18, 2011
The Obama recovery in action.
Telekinetic
5 / 5 (3) Jul 18, 2011
Is your memory so short that you forgot that your pals Bush and Cheney bankrupted this country and handed over a corpse to Obama? And that the corrupt GOP figured that after a period of time that you and other ignoramuses would forget and blame the Obama administration, as part of the dirty trick playbook of the Republican party. Get smart, and start thinking for yourself.
FrankHerbert
1.6 / 5 (7) Jul 18, 2011
Capitalism in action.
freethinking
1 / 5 (3) Jul 19, 2011
Progressives, after being in charge for the last 5 years still blame Bush. Are you so ignorant of history you don't realize that the policies that bankrupted the country were proposed, voted for and protected by Progressives. If you progressives would do some real research and look into history of the policies that , you would know that. Instead you take your talking points directly from your leaders who caused and supported the policies without question.

Next year, progressives after being in charge of between 2 and 3 houses of the US government for 6 years will still be blaming Bush. I think the american public has come to the realization that Progressives really do not care about anyone other than special interest groups and that they do not know how to solve any problem.

The best thing to happen for conservatives every once in a while is to let the people see what happens when you allow progressives to run things.
J-n
5 / 5 (3) Jul 19, 2011
Are you so ignorant of history you don't realize that the policies that bankrupted the country were proposed, voted for and protected by Progressives.


You mean the huge debts that grew as a % of GDP under Regan, Bush, Dropped under Clinton, then after the HUGE tax cuts of Bush raised again?

Of course the "progressives" are in charge right now, with what bush did... And with how the Republicans are attempting to hold the nation hostage with their ardent refusal to raise the debt ceiling (which has been raised EVERY time that it's been asked for under EVERY president in recent history), i don't doubt that the Democrats will win again come next election.

Progressives really do not care about anyone other than special interest groups and that they do not know how to solve any problem


Really? How many of Obama's ideas was he able to pass in full without givng idea killing consessions to the republicans?
J-n
5 / 5 (3) Jul 19, 2011
The best thing to happen for conservatives every once in a while is to let the people see what happens when you allow progressives to run things.


Right cause, the bubble bursting, 911, afganastan war, iraq war, madoff, tax cuts to the ultra wealthy during a time of deficit, ETC, ETC all happened under "Progressive" watch eh?

Before you respond with "Why not cut taxes to the job creators during a time where we need more jobs" Tell me where the 3Trillion dollars worth of jobs are. Certainly not here in the USA.
J-n
5 / 5 (2) Jul 19, 2011
Did we get out of the great depression by Cutting taxes to the ultra wealthy, cutting social programs, and reducing federal jobs?

Or was it BECAUSE we did NOT cut taxes, Created more social programs, and expanded federal employment, putting more money into the hands of people who would actually spend the money?
freethinking
1 / 5 (2) Jul 19, 2011
How about to stimulate the economy we raise taxes and increase regulation. This only makes sense to Progressives.

How about you google the dression of 1920? Learn history folks and you might not repeat the errors that caused the great depression. Do what works, not what failed.
FrankHerbert
2 / 5 (8) Jul 19, 2011
How about you google the Great Depression.
freethinking
1 / 5 (2) Jul 20, 2011
FH read enough about the Great Depression. Would have been less great if progressives wouldn't have tried somthing new, but followed the plan of 1920. Unfortuantely the Obama depression wouldn't have been a depression if He would have followed the lessons of 1920 instead of making the same mistakes of the great depression.

But what could we expect from such a poor student with no work experience like Obama. (If Obama was a good to great student then show me his records)