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Cisco to Slash 4K Jobs Over 'Slow' Economy

CEO John Chambers also cites bloated middle ranks

(Newser) - Cisco Systems is cutting jobs again even though it saw rising revenues in the fourth fiscal quarter, the Wall Street Journal reports. The network-equipment giant said today it will slash 4,000 jobs, or 5% of workers, because economic growth isn't moving fast enough. "What we see is... More »

Cisco Slashing 1.3K Jobs

Tech company shares down 11% this year

(Newser) - 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 »

China Plans Massive Surveillance Network

Cisco, other Western companies are poised to help

(Newser) - China is preparing a surveillance network with an area bigger than New York City—and Cisco is among the Western companies set to help. China says the system of up to 500,000 cameras is aimed at preventing crime, but human rights advocates fear it could be used to stamp... More »

Cisco Shuttering Flip Cameras

Video gizmos were all the rage only two years ago

(Newser) - Flip video cameras were so hot two years ago that Cisco Systems shelled out $590 million to buy the startup that built them. So much for that. Cisco announced today it was shutting down its Flip business, reports the Huffington Post . The easy-to-use gadget had its moment—the Wall Street ... More »

10 Most Creative Tweeters

These folks know how to make 140 characters count

(Newser) - Fast Company surveys the world of Twitter and suggests 10 people worth following based on their creative tweeting. Full list here, along with samples . A peek:
  1. Dawn Danby, @altissima : She a "sustainable design strategist" who covers her own field, often in haiku-like form.
  2. Padmasree Warrior, @Padmasree : Cisco's chief technology
... More »

Jobs Surge Back for Techies

Google hired 786 employees in Q1

(Newser) - If you went to MIT, the economy shouldn’t look half bad. Tech companies are hiring again, often even fighting over top recruits, the Wall Street Journal reports. Yesterday, Google announced that it had hired 786 employees in the first quarter, and said it expected to “continue hiring aggressively... More »

How 13 Big Tech Firms Got Their Names

From the improbable to the top secret, it takes all kinds

(Newser) - The Business Insider figures you've also wanted to know how your favorite high tech concern got its name. Well, you're in luck! Here goes:
  1. SUN Microsystems: It's actually an acronym for Stanford University Network, the school where the founders met.
  2. Cisco: Actually not an acronym, as often assumed. It's just
... More »

Dow Falls 14; Cisco Boosts Tech

Low-volume day 'slowest of the year,' Miller Tabak strategist says

(Newser) - Cisco Systems led the tech sector ahead of a major announcement tomorrow, but the rest of the markets dragged today as investors tried to gauge the state of the global economy, the Wall Street Journal reports.
  • The Dow lost 13.68 points to close at 10,552.52.
  • The Nasdaq
... More »

Kiss Your Wireless Router Goodbye

New WiFi Direct would eliminate need for hotspots

(Newser) - If setting up a wireless router just sounds a little too daunting, new technology looks to make unplugging a lot easier. WiFi Direct, slated to roll out in the middle of next year, will turn every device enabled with it into a miniature access point, able to create connections with... More »

Dow Boots GM, Citi; Travelers, Cisco Take Spots

Overhauls drive firms off Industrial Average, says editor

(Newser) - General Motors and Citigroup are losing their spots on the Dow Jones Industrial Average after GM filed for bankruptcy, MarketWatch reports. Replacing them are Cisco Systems and The Travelers Companies. “A bankruptcy filing immediately disqualifies a stock regardless of a company's history or its role as a cultural icon,... More »

Cisco Disappoints; Dow Off 102

Investors await stress tests results

(Newser) - A poor earnings report and forecast from Cisco led stocks down today, the Wall Street Journal writes. The networking giant, considered an indicator of the tech sector’s general health, noted a 17% drop in revenue, and projected bigger losses for next quarter. The Dow closed down 102.43 at... More »

Industrials Fall; Dow Down 186

Earnings season has investors worried

(Newser) - Stocks dropped today as investors grew jittery over earnings season, the Wall Street Journal reports. Major industrial and commodities stocks saw declines ahead of Alcoa’s report, in which analysts expect a loss of 56 cents per share. Tech fell, too, with Research in Motion and Cisco dropping 6% and... More »

Tech Rallies; Dow Climbs 179

(Newser) - Stocks made gains today, with the financial and tech sectors pacing advances, the Wall Street Journal reports. Google and Research in Motion both gained at least 4%, with Citigroup and US Bancorp posting similar rises. The S&P 500’s financial sector gained 6.57%, and the index overall rose... More »

Tech Stocks Fall; Dow Down 80

Google remains below $300

(Newser) - Withering tech stocks tugged the broader market down today, the Wall Street Journal reports. Hewlett-Packard fell 4.6% while IBM closed down 2.9%, Cisco dropped 3.95% and Google 5.9%—after that stock closed below $300 on Friday for the first time since January. The Dow fell 79.... More »

'India's Enron' Imperils Booming Industry

$1B scandal threatens India's role as major outsourcing center for top companies

(Newser) - A $1 billion accounting fraud at Satyam is being described as India's Enron, and it could have a major impact on how Fortune 500 companies use Indian companies for outsourcing critical computer and IT functions, reports the Financial Times. The CEO of Satyam, India’s fourth-largest IT services company, resigned... More »

Retail Fears Drive Stocks Down

Same-store sales weak in October

(Newser) - Stocks took a modest slide at the open today, thanks to dismal data from retailers. The Dow fell 57 points, while the Nasdaq and S&P dropped 1.1% and 0.9% respectively, the Wall Street Journal reports. Most retailers, with the notable exception of Wal-Mart, posted bleak same-store sales... More »

Rally Goes On, Modestly

Cisco provides some good news, though investors not totally cheered

(Newser) - Oil prices continued to fall, spurring modest gains for the markets today, but Freddie Mac’s enormous second-quarter loss signified that the housing and credit crises are not over yet, the Wall Street Journal reports. The Dow rose 40.30 to close at 11,656.07. The Nasdaq gained 28.... More »

Tech Triggers Big Drop

Trouble at Cisco, Intel spurs sell-off; bumpy ride for financials, too

(Newser) - Stocks fell today as investors saw weakness across the economy, particularly in tech bellwethers Cisco and Intel, MarketWatch reports. Oil also rebounded from a two-day fall, trading up 65 cents to $136.69 a barrel. The Dow fell 236.77, closing at 11,147.44. The Nasdaq shed 59.55... More »

Web's Growth Shows No Sign of Pause

Mobile volume will double every year through 2012, Cisco study says

(Newser) - Internet traffic continues to grow at an astonishing pace, GigaOm reports. A study by Cisco Systems has found that world network traffic will increase 46% from 2007 to 2012. By 2012, the annual bandwidth demand is estimated to become 522 exabytes—a billion gigabytes. More »

Startup Site Wants to See Your Paycheck gives users dirt on others in exchange for theirs

(Newser) - Ever wonder how much people at Google or Microsoft really make? Just-launched wants to tell you, TechCrunch reports. Essentially, the site collects self-submitted compensation reports and reviews for as many jobs at as many firms as possible. Open to everyone are full details for Googe, Yahoo, Microsoft, and... More »

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