Reeling from the financial impact of the COVID-19 pandemic, Cisco last week said it would implement a US$1 billion cost-cutting plan that will not only translate to layoffs but the tech giants potential exit from unprofitable IT markets, partners told CRN.
Cisco said last week that revenue for its most recent quarter had declined across nearly every segment, save for security. The company also made a surprise revelation that Kelly Kramer, Ciscos CFO since 2015, would be retiring.
Cisco CEO Chuck Robbins told investors that the company would be transitioning the majority of its portfolio to an as-a-service model in keeping with the ways customers are interested in consuming technology in a pandemic and post-pandemic world. At the same ti…
Read the full article at: https://www.crn.com.au/news/cisco-restructuring-partners-predict-us1b-in-cost-cuts-mean-layoffs-product-line-drops-552022