Posts Tagged ‘Cisco’

Technology stalwart Cisco Systems has begun “realigning” its workforce and has confirmed that it has started laying off workers this week.

The Wall Street Journal reported Thursday that Cisco, which sells Internet gear to communications service providers and large companies, has laid off about 250 employees at its headquarters in San Jose, Calif., this week. Other jobs in offices throughout the U.S. and overseas were also cut, the company said. (cNet)

Cisco warns of pending shortfall in earnings due to spending pressure in the tech sector.

Cisco Systems Inc., the world’s largest maker of computer networking gear, warned Wednesday that orders fell off abruptly in October and projected a large fall in sales in the current quarter. Its shares slid in after-hours trading.

Cisco reported flat earnings for the previous quarter, but on a conference call to discuss the results, Chief Executive John Chambers said he expects revenue to fall 5 percent to 10 percent in the current quarter, which began Oct. 26. That would mean revenue between $8.85 billion and $9.34 billion, far below the $10.4 billion expected by analysts polled by Thomson Reuters. (AP)