(Bloomberg) — Cisco Systems Inc., the world’s largest networking-equipment company, may cut at least 5,000 jobs to revive profit growth as rivals erode market share, analysts at Gleacher & Co. and Miller Tabak & Co. said.
Cisco Chief Executive Officer John Chambers said he planned to cut more jobs and drop less-profitable businesses after closing the Flip video-camera unit and firing 550 workers in May. The company will give an update “on the cost reductions, including layoffs, on our next earnings call,” Karen Tillman, a spokeswoman, said in an e-mailed statement today.
Full Story: Cisco may trim 5,000 jobs to boost profits, analysts say