Cisco Systems to lay off about 5,500 employees
Aug 17 (Reuters) - Cisco Systems Inc reported a 2 percent drop in quarterly revenue and said it would lay off up to 5,500 employees, or nearly 7 percent of its workforce, as the world's largest networking gear maker struggles with sluggish demand for its main switching and routing business.
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However, the company's net profit rose to $2.81 billion, or 56 cents per share, in the fourth quarter ended July 30, from $2.32 billion, or 45 cents per share, a year earlier.
Cisco Systems Inc. (CSCO) Stock Price FindTheCompany
Revenue fell to $12.64 billion from $12.84 billion.
Technology news site CRN, citing sources close to the company, reported on Tuesday that Cisco planned to lay off about 14,000 employees, or nearly 20 percent of its workforce.
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(Reporting by Arathy S Nair and Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)
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