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Cisco Systems to further lay off employees

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San Francisco, May 18: Global networking giant Cisco has announced it would lay off 1,100 more employees.

The company had earlier announced the restructuring plan in August 2016 to reinvest in “key priority areas” and part of it was to lay off up to 5,500 employees,Xinhua reported.

The extended plan was discussed in Cisco’s third Quarter Earnings report.

In the quarterly report, Cisco reported revenue of $11.9 billion in the three-month period, a decline of 1 per cent over the same period of last year, as product revenue went flat and service revenue down 2 per cent; and projected a 4-6 per cent year-over-year drop in the fourth quarter.

Once the world’s largest networking hardware provider, Cisco’s product revenue increased by 13 per cent and 9 per cent respectively.

“We are laser focused on delivering unparalleled value through highly secure, software-defined, automated and intelligent infrastructure,” said Chuck Robbins, Chief executive Officer, Cisco.

Wefornews Bureau

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