Cisco cutting up to 2,000 jobs
Cisco spokesmen have yet to comment on the rumor.
Imam also suggested that Cisco's July revenues are on track to exceed the average analyst estimate. According to his report, he expects 2010 earnings to rise to $35.82 billion, or $1.44 per share, a slight rise over his earlier estimate of $34.88 billion/1.41 per share.
The job cuts, while significant, represent only a three percent reduction in the company's 66,000-person workforce.
Although shares were down in early trading, they have risen by sixteen cents and are currently trading at $18.20.