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Cisco to take $700 mln in restructuring charges in 2015
August 14, 2014 / 10:42 AM / in 3 years

Cisco to take $700 mln in restructuring charges in 2015

Aug 14 (Reuters) - Network equipment maker Cisco Systems Inc said it would take restructuring charges of $700 million in cash in the year ending July 2015 related to its plan to cut 6,000 jobs.

The latest round of layoffs is at least the third workforce reduction in about as many years for a company once synonymous with the Internet boom. The company has failed to sustain growth in its high-end switches and routers business.

Cisco said $250-$350 million of the charges would be recognized in the first quarter.

The company on Wednesday reported flat profit for the fourth quarter ended July 26 and forecast tepid first-quarter profit and revenue. (Reporting by Soham Chatterjee in Bangalore; Editing by Simon Jennings)

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