Cisco Systems, one of the Triangle's biggest technology employers, plans to slash $1 billion in annual expenses as it undertakes a major reorganization that could result in significant job losses locally and worldwide.
CEO John Chambers is trying to revamp the company's operations to offset slowing sales, boost profit and restore investors' confidence. As it reported its most recent quarterly earnings late Wednesday, Cisco gave a financial forecast for the current quarter that missed analyst expectations.
Cisco has previously disclosed that it is offering early retirement buyouts to thousands of U.S. and Canadian workers. Chambers told Wall Street analysts during a conference call Wednesday that various cost-cutting moves will save about $1 billion, but didn't say how many jobs he expects to eliminate.
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