Cisco Systems Inc. (Nasdaq: CSCO), the biggest maker of computer-networking equipment, plans to cut about 1,300 jobs, or 2 percent of its workforce, as part of its ongoing efforts to restructure the company.
Shares of Cisco Systems Inc. (Nasdaq: CSCO), tumbled 4.32 percent, to $15.38, in early Tuesday morning trading.
The San Jose, Calif.-based networking giant said the cuts are "part of a continuous process of simplifying the company, as well as assessing the economic environment in certain parts of the world."
Cisco had 65,223 employees at the end of its fiscal third quarter, according to its website.
Cisco last year started a plan to cut expenses by $1 billion. At the time, it said it planned to cut 15 percent of its workforce.
Cisco's next earnings report is expected on Aug. 15, when it posts results for its fiscal fourth quarter.
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