Cisco announced on Wednesday that it is cutting 4,000 jobs next year because of the economy. 5 percent of the company will be laid off. Cisco stock dropped 10 percent in the after-hours trading after dropping 4 percent in the fourth quarter, according to Cisco’s financial results.
Cisco CEO John Chambers said the economic environment has been “challenging and inconsistent.” He explained the company is “it’s just not growing as fast as we need.”
