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Cisco stock plunges after news of job cuts

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Associated Press Associated Press
RTP, N.C. -

Cisco stock plunged 7 percent Thursday after the company announced Wednesday it would cut 4,000 jobs.

USA Today reported the company was cutting the jobs despite an 18 percent profit growth.

Cisco's corporate headquarters are in San Jose, California, but has a campus in Research Triangle Park in North Carolina.

There is no word on how many of the 4,000 jobs will be cut from the Triangle location. More than 2,000 people work at the office in RTP.

 

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