Networking Equipment Maker | featured news

Cisco Systems plans to cut 15 percent of its staff and sell a set-top box factory as part of a plan to cut annual expenses by $1 billion as the network equipment maker tries to revive its fortunes.

Networking equipment company Cisco Systems Inc could eliminate as many as 10,000 jobs, or about 14 percent of its workforce, to revive profit growth, Bloomberg said, citing two people familiar with the matter.

Cisco Systems Inc, the world's biggest networking equipment maker, reported quarterly earnings above Wall Street projections as profit margins beat its own expectations.