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4'000 to go from Cisco
Cisco Systems is feeling the uncertainties of the market – in an attempt to reduce costs and refocus on core growth areas, the company is reducing its staff with 4'000 employees, or 5%.
Slow growth progress is said to be the main reason behind the decision – even though revenue for the fourth quarter exceeded expectations and landed on USD 12.4 billion compared to USD 11.7 billion in Q412.
Cisco CEO John Chambers, stated during a conference call following its quarterly fiscal report, that: "The environment in terms of our business is improving slightly but nowhere near the pace that we want."
And this means that some staff will be laid off, others will be moved to the focus growth areas; cloud computing, data centers and mobile software markets.
"It's just not growing at the speed we want. We have to very quickly reallocate the resources," Chambers added.
