Cisco Cutting Jobs as Turnaround Hit by Sales Slowdown
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Cisco Systems Inc. Chief Executive Officer John Chambers’s turnaround effort is sputtering as a revenue forecast falls short of estimates and the company resorts to a second round of job cuts this year.
Facing weaker sales outside the U.S., the biggest maker of networking equipment is cutting 4,000 jobs, or 5 percent of the workforce, underscoring the pressures facing the company’s core businesses and profit margins from competitors including Huawei Technologies Co., Juniper Networks Inc. and Hewlett-Packard Co.