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Cisco says it will eliminate up to 5,500 jobs in restructuring

Cisco has announced plans to cut up to 5,500 jobs in a round of restructuring, a big number but considerably less than the 14,000 reported earlier today. The company says the move will enable it “to optimize out cost base in lower growth areas of our portfolio and further invest in key priority areas such as security, IoT, collaboration, next-generation data center, and cloud.”

Cisco currently has over 73,000 employees. The restructuring will eliminate approximately 7% of its workforce and is expected to start in the beginning of the first fiscal quarter of 2017.

Additionally, Cisco reported its fourth-quarter and fiscal-year results today, reporting fourth-quarter revenue of $12.6 billion.

“We had another strong quarter, wrapping up a great year. I am particularly pleased with our performance in priority areas including security, data center switching, collaboration, services as well as our overall performance, with revenues up 2% in Q4 excluding the SP Video CPE business,” said CEO Chuck Robbins. EP