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ndtv : Cisco to Cut 5,500 Jobs in Shift Toward Software

Cisco To Cut 5,500 Jobs, Layoffs To Start In First Quarter – NDTV Profit

Cisco To Cut 5,500 Jobs, Layoffs To Start In First Quarter – NDTV Profit

Cisco Systems Inc said it would cut nearly 7 percent of its workforce, posting charges of up to $400 million in its first quarter, as the world’s largest networking gear maker shifts focus from its legacy hardware towards higher-margin software.The gradual move to fast-growing sectors such as security, the Internet of Things and the cloud is a response to sluggish demand for Cisco’s traditional lineup of switches and routers from telecom carriers and enterprise customers, amid intense competition from companies such as Huawei and Juniper Networks Inc.Savings from up to 5,500 job cuts would be reinvested into key growth areas, Cisco said.”We think this is partly an effort by (CEO) Chuck Robbins to put a stake in the ground and send a message that this is going to be a leaner, meaner Cisco that is focussed on driving software and recurring revenue business,” said Guggenheim Securities analyst Ryan Hutchinson.Revenue at the company’s routers business fell 6 percent in the fourth-quarter ended July 30, while switching unit revenue was up 2 percent.

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Cisco to Cut 5,500 Jobs in Shift Toward Software

Cisco to Cut 5,500 Jobs in Shift Toward Software

PhotoCisco Systems, one of the world’s largest makers of networking gear, said on Wednesday that it would cut about 5,500 jobs — or nearly 7 percent of its work force — and post charges of up to $400 million in its first fiscal quarter as it shifts focus away from its legacy hardware toward higher-margin software.The gradual move to fast-growing areas like security, the internet of things and the cloud is a response to sluggish demand for Cisco’s traditional lineup of switches and routers from telecom carriers and enterprise customers, at a time of intense competition from companies like Huawei and Juniper Networks.Revenue at the company’s routers business fell 6 percent in the fourth quarter ended July 30, while switching unit revenue was up 2 percent.

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Cisco (CSCO) To Cut 5,500 Jobs After Strong Quarter

Cisco (CSCO) To Cut 5,500 Jobs After Strong Quarter

While reporting its financials for the fourth quarter of fiscal year 2016, as well as for the entire year that ended July 30, Cisco Systems Inc. on Wednesday announced a restructuring plan that would eliminate 5,500 jobs at the technology company.Some reports before the announcement had put the number of employees being fired at 14,000.The dismissals amount to about 7 percent of Cisco’s total workforce and the company will start eliminating those jobs in the ongoing quarter.

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