Cisco Slashes 17% of Jobs, Hints at Earnings Shortfall

Citing evidence of what it called an expanding worldwide economic slowdown, Cisco (CSCO Quote) Friday set plans to slash its workforce by around 15% while hinting at a third-quarter earnings shortfall.

The networker, which has been rumored this week to be considering smaller job cuts, said it would slash 3,000 to 5,000 full-time and 2,500 to 3,000 temporary and contract jobs. Cisco employs 44,000 full-time and 4,000 temp workers. The cuts will take place in coming months through what the company coyly called "voluntary attrition, involuntary attrition, and the consolidation of some positions."

Death of a Thousand Cuts Telecom outfits slashing jobs fast and furious
Company	Job cuts	% of staff	Date
Cisco (CSCO:Nasdaq)	8,000	17%	March 9
Nortel (NT:NYSE)	10,000	10%	Feb. 16
Lucent (LU:NYSE)	10,000	10%	Jan. 25
Motorola (MOT:NYSE)	4,000	3%	Feb. 12
JDS Uniphase (JDSU:Nasdaq)	3,000	10%	Feb. 28
Corning (GLW:NYSE)	825	5%	March 1
IronBridge (private)	170	90%	Jan. 31
Source: Companies

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