CISCO TO CUT UP TO 10,000 EMPLOYEES

Cisco could cut as many as 10,000 jobs — 14% of the company’s employees — in an effort to boost profits, Bloomberg reported on Tuesday. 3,000 Cisco employees accepted buyouts and early retirement packages, which will cost Cisco between $500 million and $1.1 billion during the fourth quarter. While the layoff plans aren’t final, 7,000 more jobs could be cut by the end of August. The move comes as analysts predict that Cisco’s router and switches business will continue to slide into next year, and the company believes the job cuts could save it as much as $1 billion during 2012. “We will provide additional detail on the cost reductions, including layoffs, on our next earnings call,” Cisco spokesperson Karen Tillman said. The call is scheduled for early August. On April 12th, Cisco announced that it was restructuring its consumer business and killing off its Flip video camera arm.