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Cisco to take $700 million in restructuring charges for layoffs

14
Aug
2014

Network equipment maker Cisco Systems Inc said on Thursday its plan to slash 6,000 jobs will result in restructuring charges of $700 million in cash in the year ending July 2015. The latest round of layoffs, announced on Wednesday, is at least the fourth workforce reduction in about as many years for a company once synonymous with the Internet boom and could spark a shakeup in management, analysts said. Shares in Cisco, still the worlds largest networking equipment maker, were down 2.7 percent at $24.52 on the Nasdaq. Cisco has failed to sustain growth in its high-end switches and routers business and is grappling with competition from so-called software-defined networks (SDN) which offer software that can run on cheap hardware.

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