Cisco announced today that it plans to lay off 4,000 employees starting in the first quarter of 2014.
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That's about 5% of its work force.
The news comes as the company reported earnings for last quarter. It earned $2.23 billion at $0.42 per share. Revenue was $12.42 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%.
