CISCO ANNOUNCES PLANS TO CUT GLOBAL WORKFORCE

Date Published: 24-Jul-2012

Multinational technology company Cisco, which has a base in Galway, plans to cut around 13 hundred jobs or 2 percent of its workforce worldwide.

Cisco currently employs around 180 staff in its European customer interaction centre in Oranmore, and 100 people in its sales and capital operation in Dublin.

Business website Bloomberg reports that Cisco Shares have tumbled 11 per cent this year.

In May, the company cited Europe's debt crisis, weak Government spending and a drop in orders from large corporate customers for a fourth profit forecast that was below analysts estimates.

The company has yet to outline where the 1300 global job cuts will take effect, or which operations will be scaled back.

115 new jobs were announced at Cisco systems in Oranmore almost three months ago after a 26 million euro investment into its R and D facility.

The new projects are set to expand the mandate of the company into new business areas in communication and collaboration software technology.