Cisco throws 5,500 overboard on cruise to richer waters

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.

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