Major Job Cuts at Cisco
Thousands of jobs are on the chopping block at Cisco Systems. But analysts wonder if that’s enough to turn the company around. Inge reports.
The 6,500 lay-offs at Cisco are no surprise.
Emily Chang - Bloomberg TV: "Reports of impending layoffs have been circulating for weeks at the networking giant looks for ways to slash a billion dollars."
Still there is no word how many workers in Research Triangle Park will be affected. There are just under five-thousand Cisco workers in R-T-P. Alex Henderson is an analyst with Miller Tabak and Company. He tells Bloomberg Television the technology company has had a tough time competing.
Alex Henderson: "The switching market is a fairly mature market, a category that has had good solid growth for the company over the last couple of decades, but at this point most of the innovation is moving to other areas in the network."
Twenty-one hundred Cisco workers opted for early retirement before the lay-offs were announced.