Thursday, May 12, 2011

Chambers: Cisco Has Losts it Ways; The Pizza Wasn't Too Good

The chart is stunning

John Chambers, Cisco CEO, admitted last month that the company had lost its ways. After posting results yesterday, he cautioned that the fiscal year starting August "would also not live up to the company's previous growth expectations".

In addition, the ex-high tech darling company is preparing... layoffs around the world, with the goal of reducing annual expenses by $1B.

The stock is off about 5% in pre-market.
Whil we wodner when he wuill retire, he mantains the PR rethoric: "Cisco is a very strong company in a healthy market with a few problematic areas."

The company has cut it big management structure, offered early retirement to employees, killed the Flip camcorder ,and laid off 550 workers.

On Layoffs:  "Each time we've done this in the past, we've done it crisply and emerged out of it stronger. ... We want to do it surgically instead of with a blunt instrument,".

"We were all here for the last couple of weeks, 9:30 at night, although the pizza wasn't too good."

Please note that we track tech companies live here.

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