Cisco gave a weak revenue growth outlook on its earnings during a conference call Wednesday.
Officials with the technology firm said that it is planning on cutting nearly 4,000 jobs, reported CNBC, which broke the story on its Twitter feed.
The total is approximately 5 percent of its global workforce, reported MarketWatch. Its stock also fell 10 percent.
According to the Wall Street Journal, the company showed profit that rose 18 percent in the fourth quarter.
Its revenue growth stood at 6 percent during the quarter, the Journal added.
“My confidence in our ability to be the No. 1 IT company is increasing,”John Chambers, the company’s CEO, told the Journal.
