Cisco Systems announces 129 job cuts in Texas

Cisco Systems Inc. has filed a warn letter with the Texas Workforce Commission, advising the agency of 129 staff reductions at the company’s Richardson facility.

In the filing, San Jose-based Cisco (NASDAQ:CSCO) says the staff reductions are part of the company's decision to cease operations within its Broadband Telephony Services unit at the facility. Staff reductions began on Oct. 8 and will run through Dec. 8, the company said in its warn letter.

A spokesman for Cisco said the layoffs are not related to the slowing economy, but rather a part of the company's strategy as it “continuously evaluates its businesses to align human and capital resources to address key growth opportunities and improve efficiency.”

For the fiscal year that ended on July 26, Cisco saw its earnings jump 12 percent over the previous year, hitting $8.1 billion, or $1.31 per share. During the fourth quarter, Cisco also saw its net income jump 6 percent over the previous year to $2 billion, or 33 cents per share. At the time, Cisco said the market is transitioning and the company is using this time period to focus on technology innovation while also focusing on the next phase of growth and productivity related to the Internet.

http://www.bizjournals.com/sanjose/stories/2008/10/13/daily18.html

The bottom line is most company IT budgets for year 2009 have been cut dramatically or have been put on hold indefinitely. It's nerve racking as hell for everyone----Vendors, Manufactures and the end users.

This came to mind, just a few months ago:

Cisco has 1,504 U.S. job openings to fill

http://www.networkworld.com/community/node/26583?ts0hb=&story=wknd_wir

Concerns me how deep this going to go......

“continuously evaluates its businesses to align human and capital resources to address key growth opportunities and improve efficiency.” :puke:

:hi: