Cisco Shares Fall After CRN Report of as Many as 14,000 Job Cuts
- CEO Robbins is shifting to emphasize software as growth slows
- Cuts could account for up to 20 percent of 73,100 employees
Cisco Reported to Cut up to 14,000 Jobs in Software Shift
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Cisco Systems Inc. shares fell after a report in CRN said the largest maker of networking equipment will cut as many as 14,000 employees worldwide, or about 20 percent of its workforce.
San Jose, California-based Cisco will announce the cuts in the next few weeks, technology website CRN said on Tuesday, without naming its sources. Andrea Duffy, a spokeswoman for Cisco, declined to comment on the report.