Cisco to cut 8% of its workforce
Cisco Systems is to cut approximately 6000 members of its workforce after reporting slow sales growth in the last quarter.
Cisco’s Q4 results were in fact higher than many analysts’ estimates, but revenues declined 0.5% from $12.4 billion to $12.36 billion year-on-year, while net income dropped from $2.27 billion to 2.25 billion.
“We are executing well in a tough environment and delivered our best non-GAAP earnings per share quarter in our history. I’m pleased with how we are transforming our company over the past several years and that journey continues,” John Chambers, Cisco chairman and CEO, said in a statement yesterday afternoon.
Chambers added that the telecoms equipment provider will continue to focus on areas such as security, data centres, software, cloud and internet of everything.
In May, Cisco acquired threat analysis company ThreatGRID in an effort to boost its cybersecurity portfolio.