Cisco Fire 550 Employees

Cisco network technology company will lay off 550 employees, as the impact of the company's plans to restructure in the consumer business division.

Later they will be releasing several consumer businesses and focus on key areas such as core routing, switching and services, cooperation, architecture and video.

"The company expects the restructuring will result in a reduction of about 550 employees in the fourth quarter of 2011," Cisco said in a statement quoted by the Times of India, on Wednesday (04/13/2011).

As part of the restructuring, Cisco will close the flip, digital video camera company that was acquired in March 2009. When contacted, a spokesman for Cisco India said it was premature to estimate the impact of its operations in India.

"The division is only in small measure because most companies focus on business Enterprise," said the official added.