Cisco CEO Cuts 6,000 Jobs, Forecasts Stagnant Growth

Cisco Systems Inc. CEO John Chambers is struggling to revamp the world’s largest networking-equipment maker, eliminating 6,000 jobs in a new round of cuts and forecasting little to no sales growth.

It’s not easy trying to reshape a company. Including the latest firings, representing about 8 percent of Cisco’s workforce of 74,000, the company has gotten rid of 25,850 positions since February 2009, according to data compiled by Bloomberg. Revenue fell 3 percent to $47.1 billion in the fiscal year that ended July 26, the first decline in five years.

The results underscore the difficulties facing Chambers as he seeks to remake Cisco and leave it in the hands of a successor.

Read more: Bloomberg


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