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Cisco to Cut Jobs and Lower Revenue Target Amid Tough Economy

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Cisco plans to cut 5% of its global workforce and lower its annual revenue target as the company navigates a tough economy that has led to thousands of layoffs by tech firms this year.

Cisco plans to cut 5% of its global workforce and lower its annual revenue target due to a tough economy. The company's shares fell over 5% after the announcement. CEO Chuck Robbins cited weak demand from telco and cable service provider customers.

Analysts expect demand for Cisco's products to remain under pressure as clients in the telecommunications industry restrict spending.

 

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