Cisco Plans to Cut 5,500 Workers

[truebluefan]

Cisco Systems Inc. is cutting 5,500 employees—7% of its workforce—in the networking company’s latest reaction to market shifts, including customers favoring software over hardware.

The reduction beginning this quarter renews a pattern of midsummer moves to shed costs and make room to hire employees with new talents.

The job cuts, disclosed with its fiscal fourth-quarter financial results, mark the most dramatic move yet by Chief Executive Chuck Robbins, who a year ago assumed a positionheld for two decades by John Chambers, who remains the company’s chairman.

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