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.
“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.
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