Cisco Plans to Cut 1300 Jobs

7-24-2012- From, you’re watching the Financial News Network. Cisco Systems Inc. (NASDAQ:CSCO) announced plans to eliminate around 1300 jobs, or 2% of its workforce, in an attempt to cut costs for the struggling company.Cisco, the largest computer-networking equipment maker, has seen its shares fall 11% this year. According to CEO John Chambers, reasons for the losses range from the Euro-zone debt crisis to smaller-than-expected orders from corporate customers. Last year, Chambers eliminated around 6,500 jobs. Cisco’s stock has fallen 4.82 percent to $15.30 in morning trading. For more on the latest business news, follow us on Twitter @FNNOnline or check out our website at