Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Technology

Cisco to cut 6,000 jobs in streamlining

cisco

US computer networking giant Cisco Systems said Wednesday it plans to slash some 6,000 jobs, or eight percent of its global workforce in the coming year.

Chairman and chief executive John Chambers called the move a “limited restructuring” that will allow Cisco to “reinvest cost savings in key growth areas.”

Chief financial officer Frank Calderoni said the move to streamline comes with Cisco moving “to continue to invest in growth, innovation and talents while managing costs.”

The announcement came as Cisco announced a modest dip in quarterly profits at $2.2 billion in the quarter to the end of July.

Revenues were down 0.5 percent at $12.4 billion in the period.

“We are executing well in a tough environment,” said Chambers in the earnings statement.

The cuts come a year after Cisco announced 4,000 reductions by the California tech giant in response to a weaker-than-expected global economic environment.

The latest move brings the total number of jobs cuts since 2011 at Cisco to 17,800.

Cisco has been expanding in the areas of cybersecurity and cloud computing, but its main activities of computer networks are sensitive to economic conditions.

Advertisement. Scroll to continue reading.

Cisco is expected to take charges up to $700 million for the restructuring, starting in its new fiscal year that began this month.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...