Cisco System Q3 revenue down 30%

Cisco System expected its Q3 revenue to be 30% lower than that in Q2 as Q3 pro forma earnings will be lower than market expectation. In order to save cost, the company planed to lay off 8500 staff.Cisco shares plunged by US$2.02, or 12% to close at US$15.18 in after-hours trade.

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