Cisco to Cut 4,000 Jobs, Blames Weak Economic Recovery

Don Clark, at The Wall Street Journal writes:

Cisco Systems Inc. CSCO +0.21% said it would cut 4,000 jobs, or 5% of its workforce, despite reporting an 18% jump in profit in the fourth fiscal quarter. John Chambers, chief executive of the big Silicon Valley technology company, blamed the decision largely on a disappointing economic recovery that is affecting particular countries and product lines in different ways. Oh? It couldn't possibly be because the quality of Cisco's hardware has been in steady decline over the past decade as their customer service has also declined yet their prices have continued to be the highest among all of their competitors. Nope. Couldn't possibly be that.