Cisco Systems Inc. plans to lay off more than 14,000 workers in the next few weeks, CRN reported late Tuesday, citing multiple sources close to the company. The staff cuts, which affect almost 20% of the networking company’s workforce, arise from Cisco’s shift in focus from hardware to software, CRN said. The San Jose, Calif.-based company has a tradition of making layoffs in the summer, though it skipped last year, so analysts have suggested the loss of headcount this year may be heftier than in previous rounds. Cisco is scheduled to release its fiscal 2016 earnings on Wednesday. The company could not be reached for comment.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News