Global networking giant Cisco Systems would extend its restructuring plan to lay off 1,100 more staff.
Earlier, Cisco Systems had earlier announced the restructuring plan in August 2016 to reinvest in “key priority areas.” It had a plan to lay off up to 5,500 staff, or 7 per cent its workforce, Xinhua reported.
The new plan was deliberated in Cisco’s third Quarter Earnings report released on Wednesday. The completion of extra workforce reduction is slated for the first quarter of fiscal 2018. The company’s 3rd quarter of fiscal 2017 concludes on April 29.
Cisco reported revenue of $11.9 billion in the three-month period in its quarterly report. It saw a decline of 1% over the same period of last year. Now, with product revenue being flat and service revenue going down, it is projected a 4-6 per cent year-over-year fall in the fourth quarter.
“We are laser focused on delivering unparalleled value through highly secure, software-defined, automated and intelligent infrastructure,” said Chuck Robbins, Chief executive Officer, Cisco.