Cisco Said to Be Cutting as Many as 10,000 Jobs

[Springer9]

Source: Bloomberg

Cisco Systems Inc. (CSCO), the largest networking-equipment company, may cut as many as 10,000 jobs, or about 14 percent of its workforce, to revive profit growth, according to two people familiar with the plans.
The cuts include as many as 7,000 jobs that would be eliminated by the end of August, said the people, who asked not to be identified because the plans aren’t final. Cisco is also providing early-retirement packages to about 3,000 workers who accepted buyouts, the people said.
Cisco Chief Executive Officer John Chambers is slashing jobs and exiting less-profitable businesses as competitors such as Juniper Networks Inc. (JNPR) and Hewlett-Packard Co. (HPQ) take market share in Cisco’s main businesses with lower-priced, simpler products. Sales of Cisco’s switches and routers, which made up more than half of revenue last year, will continue to slip, said Brian Marshall, an analyst at Gleacher & Co.
Eliminating jobs will help Cisco wring $1 billion in savings in fiscal 2012, the company said in May. Cisco expects costs of $500 million to $1.1 billion in the fiscal fourth quarter as a result of the voluntary early retirement program, it said in a quarterly filing.

Read more: http://www.bloomberg.com/news/2011-07-11/cisco-may-cut-about-5-000-jobs-in-august-gleacher-analyst-says.html

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Earlier reports had the number at 5000. Looks to be worse.

[sakabatou]

1. So Boner, where are those jobs?

Oh yes, somewhere else.

[Dept of Beer]

3. They have been evaporated due to excessive overhead

and will rain down on the Indian subcontinent fairly soon.

[Skittles]

7. those jobs are probably already in India

[pam4water]

9. +1

[Dept of Beer]

13. And they are thankful for them.

Perhaps a telemarketer in Calcutta will thank you tonight.

[BlueCaliDem]

2. So, those tax "cuts" for those "job creators" is still not working?

Why am I not surprised?

[AndyTiedye]

5. But They Are Creating Jobs…

…in India.

[Initech]

4. Translation: Their CEO isn't making enough.

:grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad: :grr: :mad:

[mackerel]

6. My cousins been there almost 20 years. I hope she makes

the cut.

[octothorpe]

11. What does she do there?

[DesertFlower]

8. they'll try to blame it on obama.

[fasttense]

10. But I thought we were recovering?

I know I heard it somewhere. I heard we had recovered and we would get jobs. Especially now, since our government went into so much debt in order to give those supposed job creators huge tax give aways.

This 2nd Great RepubliCON Depression is really starting to wear out its welcome. Now, if we could just replace our current Herbert Hoover with an FDR things would certainly improve.

[octothorpe]

12. 10,000 jobs? Wow, wouldn't that be over 14% of their workforce?