**Editor’s Note: Click here for our layoff tracker, a recap of industry job cuts in 2014.**
Bad news from equipment giant Cisco following its latest quarterly earnings announcement: The company plans to cut 6,000 jobs, or about 8 percent of its workforce.
It was just a year ago that Cisco slashed 4,000 jobs.
The Silicon Valley giant has been struggling, particularly in emerging markets and with sales to service providers, the Wall Street Journal noted. Profit last quarter was down 1 percent, with revenue off approximately 0.5 percent.
It’s not all gloom and doom, however, on the employment front. CEO John Chambers said that Cisco will add jobs in its business units that are growing security, cloud, data center and software. "We will exit this year pretty much with the same number of people we started the year with," Chambers told the WSJ.
The company believes that the worst of the downturn is over, but there will be continued struggles in emerging markets such as China, Russia and India.
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July 17 2018 @ 16:45:08 UTC