INTERNATIONAL BUSINESS NEWS
July 25, 2012 12:00:00 AM
  Follow @ Twitter

US computer network giant Cisco Systems said today it was cutting 1,300 jobs, or two percent of its global workforce, in response to an uncertain economic outlook.

The California tech firm, seen as a bellwether for the industry, said it was carrying out "a focused set of limited restructurings" that include the job cuts.

"We routinely review our business to determine where we need to align investment based on growth opportunities," the San Jose, California firm known for its Internet hardware, in a statement.

"Additionally, we continue to evaluate our organizational structure as part of our plan to drive simplicity, speed of decisions and agility across Cisco."

The statement added: "As we focus on both of these efforts, we are performing a focused set of limited restructurings that will collectively impact approximately two percent of our global employee population.

"These actions, subject to local legal requirements, including consultation where required, are part of a continuous process of simplifying the company, as well as assessing the economic environment in certain parts of the world."

In its most recent quarter, Cisco posted a profit of $2.2 billion on $11.6 billion revenues, but shares tumbled at the time on a weaker-than-expected outlook.

Cisco shares were down 1.8 percent at $16.07 in the regular session on Wall Street Monday, from recent highs in April above $20.

AFP
 

Wiggle


PREVIOUS STORY
Apple, Samsung score partial court victories
NEXT STORY
News Corp shakes up Fox leadership

Bookmark and Share
   




FIJI NEWS
Ratu Inoke to meet McCully in NadiFijiís Foreign Affairs Minister Ratu Inoke Kubuabola will meet with his New Zealand counterpart, Murray McCully, in Nadi this Friday.
BUSINESS
Airline adds additional Suva-Taveuni flightFiji Link has added another direct flight between Suva and Taveuni, boosting capacity to the Garden Island from the Capital by 50per cent.
TECHNOLOGY
Fiji to migrate to digital televisionThe Fijian Government has announced plans to switch from analogue to digital television.
HEALTH/FITNESS
Clean-up day to curb dengue outbreakFiji's Ministry of Health has declared a clean-up day next Thursday for residents in the central division as it ups the tempo against a dengue fever outbreak currently experienced in the country.
SPORTS
Matarerega returns for NadiRusiate Matarerega returns to beef up Nadi's strike force ahead of the forthcoming Inkk Mobile Battle of Giants tournament.
LIFESTYLE/FASHION
Tafunaíi ready to fly Fijiís flag highNew crowned Miss World Fiji, Charlene Tafunaíi is ready to do wonders for Fiji in the Miss World Finals in December and is calling for the nationís backing.
NEWS SPORTS INFOTAINMENT SERVICES MOBILE EXTRA HOT TOPICS