Cisco Systems Inc., the world’s largest maker of computer networking gear, said Wednesday that it’s set to eliminate thousands of jobs as part of cost-cutting moves to get profits growing again.
Cisco is planning more changes as it continues to focus on streamlining operations following several challenging quarters.
Cisco Systems Inc. announced Tuesday that it was exiting several consumer businesses, including most notably its Flip Video camera business, and laying off 550 employees.
Cisco Systems Inc. CEO John Chambers is calling his company’s recent missteps “unacceptable” and is vowing to take “bold steps” to narrow Cisco’s focus.
Cisco reported its first-ever cash dividend will amount to 6 cents per share and will be paid on April 20.
Stocks finished Thursday flat, dragged down by Cisco Systems Inc. The San Jose-based company issued a weak earnings forecast.
Cisco said Wednesday that its net income fell 18 percent in the latest quarter, as sales growth slowed.
Several Bay Area tech companies have had to shut down operations in Egypt because of that country’s massive political uprising.
A gloomy outlook from Cisco Systems Inc. is shaking some investors’ faith in the strength of the technology industry’s recovery.
Cisco Systems Inc. said Wednesday that its earnings for the latest quarter climbed 8 percent from last year. But new downbeat comments from the company’s CEO on the pace of its customers’ spending helped push shares lower in extended trading.