In the media: Cisco to axe up to 10,000 jobs
In an effort to pull itself out of financial doldrums and to better streamline the company, Cisco could trim as many as 10,000 jobs from its workforce roster.
Bloomberg News, citing unidentified sources, reported that as many as 7,000 jobs would be eliminated by the end of August. Cisco is also reportedly offering early retirement buyouts to about 3,000 employees, Bloomberg's sources said.
Cisco is digging in on earning back market share for its switches and routers from the likes of Hewlett-Packard and Juniper Networks.
Cisco CEO John Chambers foreshadowed the job cuts in May when he said the company was looking at trimming its annual expenses by $1 billion, or 6 percent. Cisco had 73,400 employees in May.
A Cisco spokeswoman told Bloomberg that the company would provide more details on its cost reductions, including the job cuts, during its next earnings call in early August.
In April, Cisco announced it was closing its Flip camcorder line in an effort to pull back from the consumer products sector.