Reginal Thomas
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Cisco Laying Off 4000 Employees


Cisco (NASDAQ: CSCO) CEO John Chambers announced that the company will be laying off 4000 employees starting in 2014, after the company's quarterly report showed slow sales in emerging markets. The 4000 emplyees represent about 5% of the company's total work force. Chambers blamed the slow economy as the main reason why the company will be laying off the employees. 


Yesterday's quarterly reports show that Cisco earned $2.23 billion or $0.42 per share. Revenue was $12.42 billion up 6% from last years quarterly report. The stock has been taking losses all more trading at $24.40 right now.