Cisco Stock Biggest Dow Loser as Company Cuts 6,000 Jobs

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Cisco Stock Biggest Dow Loser as Company Cuts 6,000 Jobs

by TheStreet 0:50 mins

Cisco Stock Biggest Dow Loser as Company Cuts 6,000 Jobs

by TheStreet 0:50 mins

Shares of Cisco tumbled on Thursday making it TheStreet's Move of the Day. The network equipment maker said during its earnings conference call that 2015 restructuring would impact 6,000 employees jobs, or about 8% of its workforce. The announcement comes as the company says it is forecasting little increase in sales. CEO John Chambers told analysts on Thursday: "In terms of right now, it's the uncertainties in the market, you are seeing a few headwinds and a lot of tailwinds. ... And so you're right, it is the most difficult decision we make as an operating committee." TheStreet's Joe Deaux reports.

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