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| Cisco to cut up to 5,500 jobs | Cisco to cut up to 5,500 jobs |
| (35 minutes later) | |
| US tech giant Cisco Systems is cutting up to 7% of its global workforce, or 5,500 jobs, from the start of next year. | US tech giant Cisco Systems is cutting up to 7% of its global workforce, or 5,500 jobs, from the start of next year. |
| A report had suggested earlier in the day that the firm could cut as many as 14,000 jobs worldwide. | A report had suggested earlier in the day that the firm could cut as many as 14,000 jobs worldwide. |
| Cisco said it was taking the "decisive" move so it could reinvest in faster-growing areas such as security and cloud computing. | Cisco said it was taking the "decisive" move so it could reinvest in faster-growing areas such as security and cloud computing. |
| The US company employs about 70,000 people globally, with 5,000 in the UK. | The US company employs about 70,000 people globally, with 5,000 in the UK. |
| "Today's market requires Cisco and our customers to be decisive, move with greater speed and drive more innovation than we've seen in our history," the company said in a statement. |