Cisco announced Wednesday that it will cut 4,000 jobs, citing a difficult economic climate.

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Cisco announced Wednesday that it will cut 4,000 jobs, citing a difficult economic climate.

Post  fshnski on Wed Aug 14, 2013 5:55 pm

Shares of Cisco (CSCO, Fortune 500) plunged 10% in after-hours trading. The stock had initially slipped by 4% after Cisco released its financial results for its fiscal fourth quarter.
In the prior two quarters, Chambers had said he was cautiously optimistic and that the economic environment was "slow but steady." He struck a decidedly more sedate tone on Wednesday's conference call with Wall Street analysts, saying the global economic environment has been "challenging and inconsistent."
Chambers explained he's "real pleased" with Cisco's growth, but "it's just not growing as fast as we need." The company needs to work more quickly and focus on growth areas, he said.
Overall, Cisco earned $2.8 billion on sales of $12.4 billion for its fiscal fourth quarter -- and each figure was just a hair above Wall Street expectations. In-line results weren't quite enough to please investors who have become accustomed to Cisco trouncing analysts' forecasts.

http://money.cnn.com/2013/08/14/technology/enterprise/cisco-earnings/index.html
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