Cisco Cuts Quarterly Forecasts, Could Axe 2,000 Jobs

By Hercules K, BUSINESS 2.0 PRESS
Published: February 5 2009, 6:46 am EST

cisco Cisco Cuts Quarterly Forecasts, Could Axe 2,000 JobsCisco Systems CEO John Chambers has cut current quarter (Q3) revenue forecasts by up to 20%, below Wall Street expectations. Reports indicate the company may axe up to 2,000 jobs as part of a cost cutting move to better position itself with slumping demand during this tuff economic time. The Cisco stock is down about 5% after hours. Cisco earned $9.1 billion in the last second-quarter, above expectations.

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Questions about this post? Please contact Hercules K at hercules@business2press.com

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