Thousands Of Layoffs Reported For San Jose-Based Cisco
SAN JOSE (CBS SF)_Cisco says it will lay off up to 6,000 workers, or eight percent of its workforce, as part of a restructuring.
The company, which makes routers, switches and software, made the announcement during a conference call discussing its fiscal fourth-quarter earnings.
The San Jose, California-based company reported a 1-percent decline in profit, to $2.25 billion, for the latest quarter.
The company estimates pretax charges of up to $700 million, with about $250 to $350 million recorded in the current quarter, for the restructuring.
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