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July 10, 2009
A spokeswoman for Cisco Systems said this afternoon that a stock analyst's report wrongly implied that the company had started a new wave of layoffs.
Thomas Weisel Partners in New York reported Thursday that head count reductions were underway at the world's biggest maker of computer networking equipment.
But San Jose, Calif.-based Cisco said today that it made the job cut announcement earlier this year. "The report today gives the impression that Cisco is announcing new head count reductions," said spokeswoman Kirsten Weeks. "The head count reductions referenced in the report were announced in a conference call in February."
At the time, the company said that fewer than 30 positions would be eliminated at its Research Triangle Park facility as part of company-wide cuts, and that the affected employees would be offered opportunities to seek other positions within the company.
Those cuts are still going on as Cisco is trimming between 1,500 and 2,000 jobs. The cuts were designed to reduce operating expenses by $200 million to $250 million a year, as part of the company's broader goal to cut annual costs by $1 billion.
Cisco employs more than 66,000 worldwide, including 4,500 full-time workers and contractors in RTP. Cisco business units at the RTP site include research, development, testing, sales, customers service and human resources.
Cisco has asked Thomas Wiesel Partners to issue a clarification and the company is expected to issue a revised note soon, Weeks said.
Cisco's stock rose 16 cents in early afternoon trading to $18.33 a share.
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