Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

8/15/2013 (11 months ago)

Catholic Online (www.catholic.org)

Four thousand jobs cuts as 'the economic recovery is slower and more inconsistent'

Cisco is frequently seen as a bellwether for the technology industry. It's disconcerting to know that the network equipment giant has announced plans to cut 4,000 jobs or about five percent of its workforce - in spite of high profits.

It is the latest round of job cuts at Cisco as the company restructures its business, moving away from consumer products.

It is the latest round of job cuts at Cisco as the company restructures its business, moving away from consumer products.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

8/15/2013 (11 months ago)

Published in Technology

Keywords: Cisco, tech industry, layoffs, John Chambers


LOS ANGELES, CA (Catholic Online) - This news arrives after Cisco reported  a net income of $2.3 billion in its fourth quarter, up from $1.9 billion the year previously. As way of explanation, Cisco's chief executive John Chambers said that "the economic recovery is slower and more inconsistent."

Chambers says the layoffs were due to weaker sales in Japan, China and Europe, which had weighed on revenue growth.

"The environment in terms of our business is improving slightly but nowhere near the pace that we want," he said. "We have to very quickly reallocate the resources."

Cisco is looking to reduce costs while it sees demand for its networking equipment remains uncertain. The company also predicts that its revenues in the current quarter would be at the lower end of analysts' forecasts. Its shares fell more than nine percent in after-hours trading.

It is the latest round of job cuts at Cisco as the company restructures its business, moving away from consumer products.

Its fourth quarter results had been in line with expectations, with revenues up six percent to $12.4 billion. For the current quarter, it is estimating revenues of between $12.2 billion and $12.5 billion, compared with analysts' forecasts of $12.5 billion.

An analyst at UBS, Amitabh Passi says that Chambers has a reputation for cutting aggressively in the face of a worsening economy. Passi was surprised with the size of the cuts, but he did not take them as a sign of significant problems at Cisco, which is based in San Jose, California.

Cisco was one of the first companies to aggressively cut costs at the end of the dot-com boom, a move some say allowed the company to rebound more quickly when the economy improved.
Passi said the news was likely to be interpreted as a bad sign for the entire industry. "The gas will come out of the tank tomorrow," he said. "This is going to permeate across the tech sector."

---


Pope Francis: end world hunger through 'Prayer and Action'


ę 2014 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for July 2014
Sports:
That sports may always be occasions of human fraternity and growth.
Lay Missionaries: That the Holy Spirit may support the work of the laity who proclaim the Gospel in the poorest countries.



Comments


More Technology

Amazing sight beheld on Saturn's moon: More than 100 geysers spewing forth Watch

Image of NASA's Cassini spacecraft first spotted the geysers as plumes in 2005.

By Catholic Online (NEWS CONSORTIUM)

The universe has offered up many amazing sights over the past years, but the most recent one seems to take it all. At least 101 geysers have been discovered erupting on Saturn's frozen moon Enceladus. This find suggests that it may be possible for liquid water ... continue reading


Here are 12 amazing images of outer space. Number 6 is our favorite! Watch

Image of Nebulae are created when great stars explode, scattering their guts across space where they form new stars and solar systems.

By Catholic Online (NEWS CONSORTIUM)

There are wondrous sights in the heavens above! Space is packed with treasures beyond imagination. While we can see many things with just our eyes alone, instruments like the Hubble Space Telescope have given us some incredible close-ups packed with amazing detail. ... continue reading


Astronomers crack mystery of 'transformer' star Watch

Image of The mysterious star switches between two states of energy output, baffling scientists -- until now.

By Catholic Online (NEWS CONSORTIUM)

Astronomers have discovered a star that seems to vary and vanish in a surprising fashion. They mystery may now have been solved. LOS ANGELES, CA (Catholic Online) - Scientists observing a pulsar have been surprised to notice the star disappear and reappear in their ... continue reading


Apple dominates tech market as anticipation builds for iPhone 6 Watch

Image of The iPhone 6, expected to be released in September, is highly anticipated, and may be responsible for the slight increase in sales of iPhones.

By Catholic Online (NEWS CONSORTIUM)

Apple continues to do well in the market, as the company's flagship product, the iPhone, gained significant traction since March, and the Mac line of desktop computers also saw growth. LOS ANGELES, CA (Catholic Online) - Apple sold 35.2 million iPhones over the ... continue reading


Latest claim: the universe might not be natural... Say whaa? Watch

Image of A map of the cosmic background radiation which permeates the universe. Note the

By Catholic Online (NEWS CONSORTIUM)

The nature and structure of the universe is one of the most enduring questions of the ages. Even the Book of Genesis addresses the topic. Presently, scientists are using modern scientific tools and methods to probe these mysteries and the preliminary results are ... continue reading


What is Microsoft up to? After this rambling memo, even its employees don't know! Watch

Image of Microsoft CEO Satya Nadella is planning to eliminate almost 20,000 jobs by 2015.

By Catholic Online (NEWS CONSORTIUM)

Software giant Microsoft announced that it is going to cut 18,000 jobs by 2015-about 14% of the company's 125,000 employees, by far the largest amount of layoffs in the history of the company. LOS ANGELES, CA (Catholic Online) - Most of these layoffs-12,500-will ... continue reading


Mars Rover finds massive iron meteorite Watch

Image of NASA has now published the combined image. A preliminary analysis has been made of what the meteorite is made from.

By Catholic Online (NEWS CONSORTIUM)

What will they find next on the surface of Mars? Just recently, NASA's Curiosity rover came across a massive iron meteorite half buried in the sands of Mars. The space agency has dubbed the find "Lebanon." LOS ANGELES, CA (Catholic Online) - The two-meter-wide ... continue reading


Ever wondered why North America doesn't have any elephants? Scientists have the answer Watch

Image of A new study suggests that the earliest American natives hunted to extinction, a precursor to modern elephants.

By Catholic Online (NEWS CONSORTIUM)

The Clovis people, thought by many archaeologists to be the original native Americans, hunted to extinction the precursors to modern elephants that lived alongside them in North America, new scientific evidence suggests. LOS ANGELES, CA (Catholic Online) - This ... continue reading


Jesuit Brother gains prestigious award for astronomy Watch

Image of Jesuit Brother Guy Consolmagno received the coveted Carl Sagan Award for 2014, by bringing an enthusiasm for science to the general public.

By Catholic Online (NEWS CONSORTIUM)

A Jesuit brother has been awarded the Carl Sagan Medal for 2014 for his radio shows and public lectures on astronomy which helped generate interest in scientific inquiry among the general public. LOS ANGELES, CA (Catholic Online) - The American Astronomical ... continue reading


Untouched by human hands: iPhone 6 made completely by robots Watch

Image of The machines that were introduced in 2011, known as

By Catholic Online (NEWS CONSORTIUM)

Robots are performing more and more human-like functions in the worlds of industry, and it comes as little surprise that Apple is increasingly using automations in the constructions of iPhones. Human hands attached to real living humans in the past previously ... continue reading


All Technology News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Daily Readings

Reading 1, Jeremiah 18:1-6
1 The word that came to Jeremiah from Yahweh as ... Read More

Psalm, Psalms 146:1-2, 2-4, 5-6
1 Alleluia! Praise Yahweh, my soul!2 I ... Read More

Gospel, Matthew 13:47-53
47 'Again, the kingdom of Heaven is like a dragnet ... Read More

Saint of the Day

Saint of the Day for July 31st, 2014 Image

St. Ignatius Loyola
July 31: St. Ignatius was born in the family castle in Guip˙zcoa, Spain, ... Read More

Inform, Inspire & Ignite Logo

Find Catholic Online on Facebook and get updates right in your live feed.

Become a fan of Catholic Online on Facebook


Follow Catholic Online on Twitter and get News and Product updates.

Follow us on Twitter