Read our lips: no new job cuts at Cisco

An analyst's cost-cutting recommendations has caused Cisco to deny that it plans further layoffs.

Cisco denied reports that it is planning to lay off more workers beyond the 1,500 to 2,000 jobs that it is now in the process of cutting, reports Reuters.

Hasan Imam, an analyst at Thomas Weisel, said in a report that job cuts would help Cisco exceed cost cutting targets and gave the impression that more cuts would be coming beyond the ones the company announced during its quarterly conference call in February. Imam reportedly thinks that Cisco may expand its cost-cutting plan beyond the $1 billion target Cisco set in February.

At the same time, the analyst said he expects Cisco's July quarter revenue to beat the average Wall Street estimate.

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