Business networking major Cisco will cut 1,100 more jobs as it expects 4-6 percent drop in revenue in Q4 fiscal 2017.
Cisco Systems reported 1 percent dip in revenue in Q3 fiscal 2017.
The US-based technology company had earlier 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 restructuring plan was discussed in Cisco’s third quarter earnings report released on Wednesday. The completion of additional workforce reduction is scheduled for the first quarter of fiscal 2018. The networking company’s 3rd quarter of fiscal 2017 ended April 29.
Cisco reported Q3 revenue of $11.9 billion 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. Cisco projected a 4-6 percent year-over-year drop in the fourth quarter.
Cisco said its product revenue was led in the third quarter by wireless and security businesses, which increased by 13 percent and 9 percent respectively.
“We are laser focused on delivering unparalleled value through highly secure, software-defined, automated and intelligent infrastructure,” said Chuck Robbins, chief executive officer of Cisco.
