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Cisco plans to cut up to 6,000 jobs as part of major restructuring efforts, after another quarter of slipping profits, the San Jose-based networking company said on Wednesday.
The layoffs represent about 8 per cent of the firm’s work force. A year ago, Cisco had announced plans to cut about 4,000 jobs.
Cisco’s fourth-quarter net income fell 1 per cent to $2.2 billion compared to $2.3 billion a year ago, according to the statement.
Revenue in the fourth quarter dipped by 0.5 per cent to $12.4 billion.
Cisco announced a 1-cent increase in its quarterly cash dividend to 43 cents per common share, the report said.
“We are focused on growth, innovation and talent, especially in the areas of security, data centre, software, cloud and internet of everything,” said John Chambers, Cisco Chairman and Chief Executive.
“Our strategy is sound, our financials are strong, and our market leadership is secure.” Based in San Jose, California, the company designs, manufactures and sells networking equipment.
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