Axe falls at Cisco

Hundreds laid off at San Jose headquarters this week

As some expected, Cisco pared its workforce this week in keeping with the 1,500-2,000 reduction target set earlier in its fiscal year. Various reports put the number as high as 700, most if not all in San Jose.

Cisco confirmed the action but not the number. The company said it's another "limited restructuring" resulting from an ongoing review of operations and realignment of resources to growth areas. Cisco is also looking to cut $1 billion or more in expenses this fiscal year in the face of declining sales.

Revenues are expected to drop in double digit percentages again in Cisco's Q4. The company reports results on August 5.

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