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Cisco cuts 6,000 jobs due to revenue drop

Posted: 14 Aug 2014     Print Version  Bookmark and Share

Keywords:IoT  John Chambers  Innovation Hub 

Cisco Systems Inc. is cutting thousands of jobs in the coming months after it posted a decline in its revenue for fiscal 2014, TechRadar reported.

The world's biggest networking-equipment maker reported a 3 per cent revenue decline to $47.1 billion this year compared with fiscal 2013. Its net income also dropped from $9.98 billion to $7.85 billion.

As a result, the company will remove 6,000 jobs, or about 8 per cent of its total workforce. Cisco has about 74,000 employees globally. It has already eliminated close to 20,000 people over the past three years.

Cisco CEO John Chambers said the move was part of a reallocation of resources, adding that these resources will be invested in the company's growth areas, particularly in cloud and security.

Cisco has recently started a campaign for the Internet of Things market, believing that 2014 is the year for connected devices. The company revealed in March that it would put $1 billion to build what it claimed was the world's largest Intercloud network for the IoT.

The company banks on its belief that, over the next 10 years, the IoT could make $4.6 trillion in value for public sector organisations.

In July, Cisco collaborated with Electronics City Industries Association to create Asia's first end-to-end IoT Innovation Hub in Bangalore, India. It also partnered with several cities—including Hamburg, Barcelona, and Copenhagen among others—to develop or build IoT infrastructures.

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