Cisco Shares Fall After CRN Report of as Many as 14,000 Job Cuts
#Cisco Systems is laying off upward of 14,000 employees, representing nearly 20 percent of the networking giant’s global workforce, according to multiple sources close to the company. San Jose, Calif.-based Cisco is expected to announce the cuts within the next few weeks, as many early retirement package plans have already been offered to employees, said sources. Cisco is set to announce its fourth fiscal quarter results after the market closes tomorrow. The heavy cuts, which sources said will range between 9,000 and 14,000 employees worldwide, stem from Cisco’s transition from its hardware roots into a software-centric organization.