Cisco May Cut as Many as 10,000 Jobs

[marmar]

(Bloomberg) Cisco Systems Inc. (CSCO), the largest networking-equipment company, may cut as many as 10,000 jobs, or about 14 percent of its workforce, to revive profit growth, according to two people familiar with the plans.

The cuts include as many as 7,000 jobs that would be eliminated by the end of August, said the people, who asked not to be identified because the plans aren’t final. Cisco is also providing early-retirement packages to about 3,000 workers who accepted buyouts, the people said.

Cisco Chief Executive Officer John Chambers is slashing jobs and exiting less-profitable businesses as competitors such as Juniper Networks Inc. (JNPR) and Hewlett-Packard Co. (HPQ) take market share in Cisco’s main businesses with lower-priced, simpler products. Sales of Cisco’s switches and routers, which made up more than half of revenue last year, will continue to slip, said Brian Marshall, an analyst at Gleacher & Co.

Eliminating jobs will help Cisco wring $1 billion in savings in fiscal 2012, the company said in May. Cisco expects costs of $500 million to $1.1 billion in the fiscal fourth quarter as a result of the voluntary early retirement program, it said in a quarterly filing. ...............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-07-11/cisco-may-cut-about-5-000-jobs-in-august-gleacher-analyst-says.html

[glowing]

1. Still building revenue off the backs of the workers who brought your business into sucess

Instead of being innovative and competing alongside other businesses, they throw real people under the bus. I bet the CEO isn't taking any pay cuts for creating a crappy business plan... No he'll have his golden parachute and cash out of his stock options when the sticks increase for firing 14,000 workers. Oh, and by the way, the quality will decrease due to the workers being let go and the employees left behind having to do double or tripple the work left from the many laid off employees no longer working.

Until congress implements a law making it tougher for businesses to shore up their profits off of eliminating employers or moving operations overseas to cheaper worker locations, then it will continue to be the easy way for CEO's to easily increase profits for the coming year or 2. These sick a$$hole$ at the top are sociopaths. They don't care howany lives they ruin or how many people they exploit. Capitalism is a sick model for any country to continue to hold onto as an economic engine force. In order for capitalism to continue, one must expect that no resources are finite and that everyone will always buy more. It's way past the time we figure out a way in which people around the globe are able to enjoy certain principles that human beings need to survive: clean water, clean air, shelter, healthcare access, education, and a "job" that best utilizes a persons skills so that we have the best of each person creating a better place for all of us to live upon.

[xchrom]

2. Recommend

[indepat]

3. Is this part of the Republicans' jobs plan for America: cut every possible job to exact a few

dollars more profit likely to not be subject to income tax? :patriot: