Henry Blodget
Business Insider
7/11/2011
Cisco is planning to fire as many as 10,000 people, Bloomberg reports.
According to the plans, which have yet to be finalized, the company will can 7,000 employees by the end of August. Another 3,000 have accepted buyouts.
These cuts are far greater than the ones Cisco announced on its last disastrous earnings call. They represent 14% of the company’s workforce and are designed to boost Cisco’s earnings growth, which has been disappointing as sales have fallen below expectations.
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