Cisco Plans to Slash 1,300 Jobs to Cut Costs

Cisco Plans to Slash 1,300 Jobs to Cut Costs

Cisco Systems has announced that it will relinquish 1,300 jobs as part of the company's plans to streamline its business operations to focus on core operations.

The decision will affect approximately two percent of Cisco's global workforce, which stands at 65,000 at present. The networking giant dropped 10,000 jobs last year in a bid to save US$1 billion in yearly expenditures. Cisco's shares also dipped two percent to US$16.07 on Monday after the announcement was made. More worryingly, CEO John Chambers has warned investors that the economy is "still uncertain", fueling concerns that the firm may suffer further decline in profits despite taking the necessary cost-cutting measures.

The company is slated to release its quarterly results on August 15th. 

Source: Associated Press via Top Tech News and Fox Business