Cisco lays off 700 at San Jose headquarters

The economy is supposed to be getting better, right? Unfortunately, there's still plenty of evidence that the IT market is hurting.

Cisco reportedly laid-off 700 workers last week from its San Jose headquarters. The workforce reduction is part of the 1,500 to 2,000 positions expected to be eliminated, according to several news reports. Cisco is planning to cut between $1 billion and $1.5 billion in expenses. Cisco reported a 17 percent revenue drop for the third quarter and expects another for the fiscal fourth quarter later this month.

"We are sensitive to the impact these decisions have on employees during this challenging economic environment. We are doing everything possible to minimize the impact on employees affected by the limited restructuring," a Cisco spokesman said in an email to Network World.

For more on Cisco's latest layoffs:
- check out this NetworkWorld.com article

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