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Cisco Systems to further lay off 1,100 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.

*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 infrastructureEnditem

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