Cisco to Shed 550 Jobs

Tuesday Apr 12th 2011 by Datamation.com Staff
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The company will shut down many of its consumer-related businesses, including the Flip camcorder line.

Wall Street Journal: Just days after Cisco CEO John Chambers warned of "tough decisions" to come, the company is announcing that it will shut down or fold into other units many of its consumer-related businesses, including its Flip camcorder line. As a result, the company will cut 550 jobs.

In February, Cisco reported that its sales of consumer products had fallen 15 percent and profits for the entire company dropped by 18 percent.

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