SAN FRANCISCO, May 17 (Xinhua) -- Cisco Systems, Inc., the world's networking company, said Wednesday it would extend its restructuring plan to lay off 1,100 more employees.
The technology giant headquartered in San Jose, Northern California, announced the restructuring plan in August 2016 to reinvest in "key priority areas" and part of it was to lay off up to 5,500 employees, or 7 percent its workforce.
The extended plan was discussed in Cisco's 3rd Quarter Earnings report released Wednesday, with the completion of additional workforce reduction scheduled for the 1st quarter of fiscal 2018. The company's 3rd quarter of fiscal 2017 ended April 29.
In the quarterly report, Cisco reported revenue of 11.9 billion U.S. dollars in the three-month period, a decline of 1 percent over the same period of last year, as product revenue went flat and service revenue down 2 percent; and projected a 4-6 percent year-over-year drop in the 4th quarter.
Once the world's largest networking hardware provider, Cisco's product revenue was led in the 3rd quarter by wireless and security businesses, which increased by 13 percent and 9 percent respectively.
In releasing the earnings report, Chief executive officer Chuck Robbins said in a statement that "we are laser focused on delivering unparalleled value through highly secure, software-defined, automated and intelligent infrastructure.
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