CISCO SYSTEMS INC., the largest maker of networking equipment, plans to cut thousands of jobs after a slowdown in corporate tech spending wiped out its sales growth.
A restructuring plan will affect roughly 5% of Cisco's workforce, the company said Wednesday. It had almost 85,000 employees as of last year, suggesting that the move will involve approximately 4,000 jobs.
The restructuring will cost about $500 million, Cisco said. The announcement accompanied a forecast that fell far short of what Wall Street was projecting, sending Cisco shares tumbling in late trading. Customers are worried about the state of the economy, prompting them to delay orders and rethink how much equipment they may need, Chief Executive Officer Chuck Robbins told analysts on a conference call.
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