Cisco to Cut 1,100 More Jobs Amid Worse-Than-Expected Outlook

Cisco said last year it plans to reinvest the savings from its restructuring plan into "key priority"

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AP

Cisco announced Wednesday that it will be cutting 1,100 employees as part of its expanded restructuring plan.

The new job cuts come only months after the enterprise technology company cut 5,500 jobs — seven percent of its workforce, as CNBC reported. 

The announcement came as the company reported better-than-expected earnings for the fiscal third quarter, but worse-than-feared forward guidance. Shares fell more than 5 percent after hours.

Cisco said last year it plans to reinvest the savings from its restructuring plan into "key priority areas such as security, IoT, collaboration, next-generation data center and cloud."

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