Cisco Laying Off Up To 6K Employees

By CNN

Published 08/14 2014 09:31AM

Updated 08/14 2014 09:32AM

Tech giant Cisco continues to struggle .

The company announced it will be cutting around 6,000 employees.

CEO John Chambers says the cost savings from the layoffs will fund expansions in four divisions at Cisco.

A spokeswoman wouldn't say what divisions will face the cuts.

Cisco stock has slumped in recent months over concern that the company's growth potential is running out and that the networking business it has relied on is becoming outdated.

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