Cisco Systems, Inc. (CSCO): 4,000 Employees To Be Laid Off In Q1 2014

Posted Aug 14, 2013

Cisco Systems, Inc. (NASDAQ:CSCO) has announced that they will be laying off 4,000 people in Q1 2014, which is about 5% of their staff member count.  Earlier today, Cisco reported their earnings for the last quarter.

Cisco Systems, Inc. (NASDAQ:CSCO) reported that they generated $2.23 billion in revenues at $0.42 per share.  The company’s revenues are up 6% year-over-year at $12.42 billion.  These numbers are in line with analyst expectations.

However Cisco Systems, Inc. (NASDAQ:CSCO) CEO John Chambers said that the layoffs are because of the slow economy.  Cisco Systems, Inc. (NASDAQ:CSCO) closed at $26.38 today (up 0.21%), but is at $23.86 (down almost 10%) in after hours-trading as of the time this article was written.