San Francisco May 18 (IANS) Global networking giant Cisco has announced it would extend its restructuring plan to lay off 1 100 more employees.
The technology 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 or 7 per cent its workforce Xinhua reported on Thursday.
The extended plan was discussed in Cisco s third Quarter Earnings report released on Wednesday with the completion of additional workforce reduction scheduled for the first quarter of fiscal 2018. The company s 3rd quarter of fiscal 2017 ended April 29.
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 was led in the third quarter by wireless and security businesses which 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.
--IANS
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Cisco Systems to further lay off 1,100 employees
