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| Cisco to cut another 6,000 jobs as profits stagnate | Cisco to cut another 6,000 jobs as profits stagnate |
| (about 2 hours later) | |
| Network equipment giant Cisco Systems announces plans to cut 6,000 more jobs - its fourth jobs cull in four years. | |
| It began aggressively cutting its payroll in 2011, when it said it would shed 11,000 posts. Thousands more were cut last year. | It began aggressively cutting its payroll in 2011, when it said it would shed 11,000 posts. Thousands more were cut last year. |
| On Wednesday, Cisco it reported net income of $2.2bn (£1.3bn) in the fourth quarter, down from $2.3bn a year ago. | On Wednesday, Cisco it reported net income of $2.2bn (£1.3bn) in the fourth quarter, down from $2.3bn a year ago. |
| Cisco's chief executive, John Chambers, said that the company was "executing well in a tough environment". | Cisco's chief executive, John Chambers, said that the company was "executing well in a tough environment". |
| He added that the company would manage costs "aggressively". | He added that the company would manage costs "aggressively". |
| The headcount reduction, which will affect around 8% of the workforce, was partly due to uncertainty about emerging markets, Mr Chambers said. | |
| "Unfortunately, as we look out, we don't see emerging markets' growth returning for several quarters and believe it could get worse," said Mr Chambers. | "Unfortunately, as we look out, we don't see emerging markets' growth returning for several quarters and believe it could get worse," said Mr Chambers. |
| Cisco declined to say which parts of the business the job cuts would affect. | |
| "We are unable to release numbers by region or country at this time," the company said. | |
| "Technology disruption has never moved more quickly, requiring all companies to adapt and accelerate through change," it added. | |
| In 2013 the company said it planned to cut 4,000 jobs, despite reporting strong profits. | In 2013 the company said it planned to cut 4,000 jobs, despite reporting strong profits. |
| Cisco announced 1,300 job cuts in 2012, and 11,000 in 2011. | |
| Despite thousands of workers being laid off over the years, the company has hired people and acquired companies, resulting in a net gain of employees. | |
| In 2011, Cisco's total workforce was around 73,000, and in the second quarter of 2014 was 74,042. | |
| The company will continue to hire people throughout the job cuts, it said. |