Cisco lays off 250, more to come

Cisco Systems, which previously had been distinct among large network equipment vendors for not initiating job cuts as part of broader cost cuts, finally did lay off 250 employees this week. The company, according to The Wall Street Journal, plans to cut up to 2,000 jobs, but Cisco CEO John Chambers has insisted that Cisco will not be rocked by broader job cuts affecting a large percentage of its workforce. The company had 64,000 employees as of January, and late last year announced a hiring freeze and $1 billion in cost cuts.

For more:
- The Wall Street Journal has this report [1]

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Cisco recently posted a 27 percent drop in quarterly profit [2]
Cisco announced $1 billion in cost cuts last November [3]