Cisco Said It Will Fire 4,000 People Next Year And The Stock Is Tanking After Hours

John Chambers frownBloomberg via Getty ImagesCisco CEO John Chambers

Cisco announced today that it plans to lay off 4,000 employees starting in the first quarter of 2014.

That’s about 5% of its work force.

The news comes as the company reported earnings for last quarter. It earned $US2.23 billion at $US0.42 per share. Revenue was $US12.42 billion, up 6% year over year, right in line with expectations.

In a conference call announcing the company’s earnings, CEO John Chambers blamed the firings on the slow economy.

The stock is tanking in after-hours trading. It’s currently down about 10%.

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