Cisco Systems was preparing to lay off about 1,300 workers just a few months after the world’s largest maker of computer networking equipment warned that growing economic uncertainty is making it tougher to close deals.
Cisco raised the specter of a sharp slowdown in technology spending late Wednesday, rattling investors already fretting about the economy’s fragile condition.
Cisco Systems Inc. CEO John Chambers saw his pay package fall by nearly a third in the company’s fiscal year that ended in July, a period when the company’s shares dropped by about the same amount.
Cisco Systems Inc. lowered its long-term sales forecast on Tuesday, acknowledging that its days of heady growth won’t return in the foreseeable future.
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 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.
Governor Brown said that his bid to temporarily extend billions in taxes is imperative to the state’s economic survival.
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.
Senator Barbara Boxer held a town hall meeting in Silicon Valley on Tuesday, talking about some of the issues she feels are most important to those in the high tech industry.