Cisco Slashing 1.3K Jobs

Tech company shares down 11% this year
By Evann Gastaldo,  Newser Staff
Posted Jul 24, 2012 2:40 AM CDT
Cisco Slashing 1.3K Jobs
This Feb. 3, 2009 file photo, shows the Cisco Systems logo at Cisco Systems headquarters in San Jose, Calif.   (AP Photo/Paul Sakuma, File)

As Cisco Systems continues to struggle, the computer-networking equipment maker plans to cut 2% of its workforce—around 1,300 jobs. Profits are down and shares fell 11% this year thanks in part to Europe's financial crisis and slower spending by corporate customers, Bloomberg notes. And an analyst says more cuts are likely. Last year, Cisco slashed 6,500 jobs and shuttered its Flip video camera unit. (Read more Cisco stories.)

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