Me, Light Reading:
Cisco said Wednesday it is eliminating 5,500 positions, 7% of its workforce, as part of an ongoing shift to recurring, software-based revenue models and the cloud.
That’s not as bad as expected. CRN reported Tuesday that Cisco would be laying off 14,000 employees — nearly a fifth of its workforce of 73,000.
Cisco CEO Chuck Robbins said Wednesday that Cisco plans to reinvest the benefits of the layoffs in its growth businesses — security, Internet of Things, collaboration, next-generation data center and cloud.