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Edition: U.S. Article Comments (0) Technology Exclusive: Apple chief patent lawyer to leave Doubt rising about tech stock values Cisco could cut up to 10,000 jobs: report Split Research in Motion in two: analyst Target to sell new electronic reader China says piracy problem not "extremely serious" Amazon seeks ballot measure to undo California tax EBay may be liable on trademark abuse: court MediaFile: HP's TouchPad tablet - the reviews Video: Nintendo's Mario gets refresh Follow Reuters Facebook Twitter RSS YouTube Read News Corp may be at risk for U.S. probe over bribery 4:31am EDT WRAPUP 9-Obama, lawmakers fall short on US debt deal 11 Jul 2011 Euro shaken by debt crisis; dollar benefits 11 Jul 2011 Exclusive: Apple chief patent lawyer to leave 6:41am EDT Wall Street shares down, led by Nasdaq 10:04am EDT Discussed 112 Obama, lawmakers meet for 75 minutes on debt impasse 80 WRAPUP 1-Taxes still a stumbling block in U.S. debt talks 64 Obama faces new obstacles in high-stakes debt talks Watched A Tokyo-Paris flight in under three hours on the horizon Fri, Jun 24 2011 War of words heat up U.S. debt fears 2:52am EDT Obama challenges Republicans on debt talks Mon, Jul 11 2011 Cisco could eliminate as many as 10,000 jobs: report Tweet Share this Email Print Related News Obama, lawmakers fall short on debt deal Mon, Jul 11 2011 Wall Street records worst day in a month, VIX jumps Mon, Jul 11 2011 Cisco could eliminate 5,000 jobs - analyst Mon, Jul 11 2011 State and local governments bleeding jobs Fri, Jul 8 2011 Instant view: Jobs growth slows in June Fri, Jul 8 2011 Analysis & Opinion Womenâ€™s fortunes in the job market take a turn for the worst Does Obama want to cut the deficit? Related Topics Technology » A pedestrian walks past the Cisco logo at the technology company's campus in San Jose, California February 3, 2010. Credit: Reuters/Robert Galbraith SAN FRANCISCO | Tue Jul 12, 2011 9:50am EDT SAN FRANCISCO (Reuters) - Networking equipment company Cisco Systems Inc (CSCO.O) could eliminate as many as 10,000 jobs, or about 14 percent of its workforce, to revive profit growth, Bloomberg said, citing two people familiar with the matter. As many as 7,000 jobs would be eliminated by the end of August, the people told the agency. Cisco is also providing early-retirement packages to about 3,000 workers who took buyouts, according to Bloomberg. Early on Monday, Reuters reported that Cisco may slash about 5,000 jobs to meet Chief Executive John Chambers' goal of slashing costs by $1 billion. Reuters had cited Gleacher & Co analyst Brian Marshall. "As we announced on our Q3 earnings call, Cisco will take out $1 billion in costs from our FY 12 expense run-rate as part of our efforts to streamline company operations, including a planned reduction in workforce. We will provide additional detail on the cost reductions, including layoffs, on our next earnings call on Aug 11," Cisco spokeswoman Karen Tillman told Reuters. Cisco shares closed down about 2 percent at $15.43, in a market that was broadly lower due to concerns about the U.S. budget talks and the euro-zone debt crisis. REVENUE GROWTH UNDER PRESSURE? Chambers, who is set to speak at a company event in Las Vegas on Tuesday, is working to turn around the Silicon Valley bellwether. He has said the company's next fiscal year starting in August would not live up to the company's previous growth expectations. Marshall's estimate for job cuts at Cisco is higher than the previous forecasts of up to 4,000 jobs that are in danger of being eliminated. The pending job cuts "will help right the ship" and achieve a reduction in operating expenses by about $1 billion annually, Marshall said in a note to clients. Cisco would also need to lower its long-term revenue growth target to about 10 percent from a forecast of 12 percent to 17 percent, Marshall said. Cisco's revenue has increased 11 percent over the past five calendar years. Cisco warned in May that it planned to trim its workforce as part of a plan to cut some $1 billion in costs from its annual budget but did not disclose how many jobs would be cut. Cisco's previous record layoffs came in 2001, when the company shed some 8,000 jobs, Marshall said. (Reporting by Poornima Gupta, Sakthi Prasad and Jim Finkle; Editing by Muralikumar Anantharaman and Mike Nesbit) Technology Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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