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Cisco to jettison 5,500 jobs, will reinvest in cloud, IoT & more

Discussion in 'Network World' started by RSS, Aug 17, 2016.

  1. RSS

    RSS New Member Member

    Cisco today confirmed it will lay off about 7% of its workforce – about 5,500 jobs.

    Or as Cisco put it: "Today, we announced a restructuring enabling us to optimize our cost base in lower growth areas of our portfolio and further invest in key priority areas such as security, IoT, collaboration, next generation data center and cloud. We expect to reinvest substantially all of the cost savings from these actions back into these businesses and will continue to aggressively invest to focus on our areas of future growth."

    During its earnings announcement the company said total revenue actually increased 3% to $48.7 billion for its fiscal year ended July 30. Still, the company faces challenges in its core switching and routing business.

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