Cisco to Cut 6,000 Jobs as Part of Restructuring Plan
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Justin Sullivan/Getty Images(SAN JOSE, Calif.) — Networking equipment giant Cisco says it will cut 6,000 jobs, or 8 percent of its workforce, as part of a major restructuring plan.
The company on Wednesday posted revenue of $12.36 billion in its latest quarter, down from $12.42 billion last year, as it faces increased competition from young and upcoming tech companies.
In a statement, the company maintained its optimism about the road ahead.
“We are executing well in a tough environment,” Cisco CEO John Chambers wrote. “I’m pleased with how we are transforming our company over the past several years, and that journey continues.”
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