As per San Hose news, CISCO downsized by laying off 700 employees at its San Jose headquarter. Due to the economic crisis , CISCO planned early this year to eliminate 1500 to 2000 people from its workforce as per Wall Street Journal. This downsizing is going to help the company to save between $1 bill to $1.5 bill of its expense. CISCO’s revenue fell by 17% during third quarter and it is expected to announce double digit decline in sales during fourth quarter.
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“This limited restructuring is part of our ongoing, targeted realignment of resources and was previously discussed on our fiscal second and third quarter 2009 earnings calls,” a company spokesperson stated through email.