Cisco cuts off 4000 jobs

Cisco systems is cutting four thousand jobs, or about five percent of its workforce.

The company sites the difficult economic climate as the reason for the layoffs, which are set to begin in 2014.

Cisco designs, manufactures and sells networking equipment.

Shares of cisco stock plunged ten percent in after-hours trading today (wednesday) at the news.

The stock has initially slipped four percent after cisco released lower-than-expected earnings for the fourth quarter.

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