Cisco plans to introduce a hiring freeze and halt business travel for employees in a bid to reduce expenses, reports Bloomberg. It’s not clear how long the freeze would last. In a conference call to report its first quarter results, Cisco CEO John Chambers warned that Q2 sales would fall by as much as 10% from a year ago. He also described the forecast as the “second most difficult time in my career.” Cisco sales fell after the dot-com bust in 2000, reports Bloomberg.
Despite that, Chambers says he’s sticking to long term growth rates of 12% to 17%, assuming the economy returns to “normal growth.”
In a Q&A posted on Cisco.com, Frank Calderoni said Cisco Capital was still a viable option for customers in need of financing.
Related links:
Cisco sees revenue, earnings hike in Q1; plans hiring freeze
Report: Cisco planning hiring freeze
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