10,000 job cuts loom at Cisco

Cisco Systems Inc. might cut 14 percent of its workforce, or 10,000 jobs, to restore profit growth, Bloomberg reports.

About 7,000 of the cuts could come by the end of August, with the remaining 3,000 coming from buyouts.

Cisco is being pushed hard by rivals Hewlett-Packard Co. and Juniper Networks Inc. Both have taken market share for routers and switches from Cisco.

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