Cisco to axe 4,000 staff

NETWORK equipment manufacturer Cisco last night said it would axe 4,000 workers, equivalent to five per cent of its workforce, as it faces uncertainty for its products.

Despite beating expectations with strong fourth quarter profits of $2.3bn (£1.5bn) its shares fell 10 per cent in after hours trading as the company announced an uncertain outlook for the coming year.

“The environment in terms of our business is improving slightly but nowhere near the pace that we want,” chief executive John Chambers said.