Cisco Systems Cuts 6,000 Workers
The U.S. networking equipment maker is cutting eight percent of its workforce. A lackluster earnings report showed $12.36 billion in fourth-quarter revenues, down from $12.42 billion in the same quarter last year. Losses in the wake of revelations about U.S. Internet surveillance have ended, but revenue continues to shrink in developing countries wary of U.S. tech firms and their NSA-tainted data clouds. The recovery plan? To reinvest savings from the job cuts into its data center and security branches to regain a competitive edge.