SAN JOSE, Calif., Aug. 15 (UPI) -- U.S. technology giant Cisco Systems Inc. Thursday said it would lay off 4,000 workers to adjust to a market in the midst of a choppy recovery.
"The recovery is more mixed and inconsistent than others I have seen," Cisco Chief Executive Officer John Chambers said.
The layoffs were an attempt at "managing the business to account for slow, inconsistent recovery," Cisco Chief Financial Officer Frank Calderoni said.
MarketWatch reported the company planned to lay off 5 percent of its global workforce.
Cisco, meanwhile, has been riding high on Wall Street with share prices up 24 percent in the past three months and 34 percent since the first of the year.
The company reported profits of $2.27 billion in its fiscal fourth quarter. Revenue in the quarter rose to $12.42 billion from $11.69 billion in the same quarter a year earlier.
