The latest round of layoffs is at least the third workforce reduction in about as many years.
The latest round of layoffs is at least the third workforce reduction in about as many years for a company once synonymous with the Internet boom, but which has lately struggled to sustain growth.
The company announced in
Shares in the company slipped 0.95% to
"The market doesn't wait for anyone. We are going to lead it, period," CEO
Chambers partly blamed the cuts on the uncertainty in global demand. In emerging markets, where the company faces sluggish sales and increased competition,
"Unfortunately, as we look out, we don't see emerging markets growth returning for several quarters and believe it could get worse," said Chambers.
Total product orders rose 1%, with 2% growth in the
"The mixed quarter has become the norm for
Security revenue was boosted by the acquisition of
That beat the company's previous guidance for a decline in revenue of between 1% and 3% for the quarter.
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