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%.
Business Insider Emails & Alerts
Site highlights each day to your inbox.