Cisco to cut 5% of its global workforce

SAN JOSE, California: Amid a slowing economy, Cisco Systems says that it will cut 5 percent of its global workforce or more than 4,000 jobs, as well as lower its annual revenue target to between US$51.5 billion and $52.5 billion from an earlier forecast of $53.8 billion to $55 billion.

CEO Charles Robbins said during a conference call, "We also continue to see weak demand with our telco and cable service provider