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Cisco Expands Planned Layoffs After Missing Q4 Revenue Target

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Cisco plans to expand previously announced job cuts from 5,500 to about 6,600 as it exits a sixth straight quarter of falling revenue. The company says it is moving from hardware toward software-defined, secure, automated infrastructure. Cisco reported $11.9 billion in third-quarter revenue ended in April, missing analysts expectations, and expects fourth-quarter revenue to be just above $12 billion.

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