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Cisco Cutting 6,000 Jobs as CEO Forecasts Stagnant Growth

Cisco Systems Inc. Chief Executive Officer John Chambers is struggling to revamp the world’s largest networking-equipment maker, eliminating 6,000 jobs in a new round of cuts and forecasting little to no sales growth.

Including the latest firings, representing about 8 percent of Cisco’s workforce of 74,000, the company has gotten rid of 25,850 positions since February 2009, according to data compiled by Bloomberg. Revenue fell 3 percent to $47.1 billion in the fiscal year that ended July 26, the first decline in five years.