Cisco Systems announced a major restructuring today that is sure to send shudders through the company's facility in Research Triangle Park and other sites worldwide.
The computer networking giant said this morning it's planning to cut 550 positions in the fourth quarter of this year. Cisco did not indicate how the staff cuts would affect operations in Research Triangle Park, where the company employs 4,900 workers and contractors.
Cisco said its is shutting down some operations, refocusing others and evaluating functions that are not profitable and may not have a future. The company did not provide a breakdown for RTP of the targeted operations, but said the cuts would worldwide.
The moves signal that Cisco is getting back to its core business as a designer of the pipes and valves that carry and regulate Internet data.
"We are making key, targeted moves as we align operations in support of our network-centric platform strategy," Cisco CEO John Chambers said in a statement.
The company is dumping much of its consumer business product line that had been touted as a major expansion of Cisco's business strategy. The consumer line included the Flip handheld video camera, acquired just two years ago to major fanfare.
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