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.
Source: News Formal (newsformal.com)
Cisco Jobs Revenue Economy Layoffs Tech Firms Demand Telco Cable Service Providers Telecommunications Industry Spending
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