Layoffs at Cisco
by John Paczkowski
Posted on July 16, 2009 at 11:45 AM PT
The 1,500 to 2,000 job cuts announced during Cisco’s (CSCO) second-quarter earnings call are apparently well under way. Sources say the company is sacking upward of 600 employees at its Silicon Valley headquarters today. The cuts are said to effect multiple departments.
In a statement, Cisco said, “This limited restructuring is part of our ongoing, targeted realignment of resources and was previously discussed on our fiscal second and third quarter 2009 earnings calls. While Cisco constantly manages its business priorities, resources and overall employee alignment as part of our overall business management process, we are sensitive to the impact these decisions have on employees during this challenging economic environment. We are doing everything possible to minimize the impact on employees affected by the limited restructuring.”
Comments
i guess the investors can relax seeing that cisco’s stock will increase in value from now on. i have never understood the logic of how mass layoffs increase the stock of a company- all i know is that it does. there are many people having a field day in this recession as many others suffer. life is not fair
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Posted by moses kimani at July 17th, 2009 at 5:25 am