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 by Staff Writers New York (AFP) Aug 13, 2014
US computer networking giant Cisco Systems said Wednesday it plans to slash some 6,000 jobs, or eight percent of its global workforce in the coming year. Chairman and chief executive John Chambers called the move a "limited restructuring" that will allow Cisco to "reinvest cost savings in key growth areas." Chief financial officer Frank Calderoni said the move to streamline comes with Cisco moving "to continue to invest in growth, innovation and talents while managing costs." The announcement came as Cisco announced a modest dip in quarterly profits at $2.2 billion in the quarter to the end of July. Revenues were down 0.5 percent at $12.4 billion in the period. "We are executing well in a tough environment," said Chambers in the earnings statement. The cuts come a year after Cisco announced 4,000 reductions by the California tech giant in response to a weaker-than-expected global economic environment. The latest move brings the total number of jobs cuts since 2011 at Cisco to 17,800. Cisco has been expanding in the areas of cybersecurity and cloud computing, but its main activities of computer networks are sensitive to economic conditions. Cisco is expected to take charges up to $700 million for the restructuring, starting in its new fiscal year that began this month. soe-rl/rcw
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