Cisco Stock lowered after announcing 1100 employees layoffs

From Startup World
May 19, 2017 - 4:01am
Networking giants Cisco Systems released a press statement on Wednesday informing layoff of another 1100 employees, given the drop in quarterly revenue forecast. According to the spokesperson, Cisco is facing stiff competition stemming from market shifts, where customers are favoring software over hardware. Cisco is one of the most popular IT hardware sectors that is dealing with routers, switches, and software service business. In the current period, the company is seeing a tremendous decline in their revenue as much as 6 percent from a year earlier.After this announcement, the shares of Cisco’s stock were sharply lower on Thursday. Apart from The post Cisco Stock lowered after announcing 1100 employees layoffs appeared first on Startup World.


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