By Daniel Hunter

Cisco Systems, the global network equipment provider, have announced that 4,000 jobs are to be cut.

The number means around 5% of their total workforce will go, following news that net income was $2.3 billion (£1.5 billion) in the fourth quarter, up from $1.9 billion a year earlier.

Cisco's chief executive John Chambers said that "the economic recovery is slower and more inconsistent".

The cuts come as the company looks to reduce costs as it sees demand for its networking equipment remain uncertain.

Cisco also predicted that its revenues in the current quarter would be at the lower end of analysts' forecasts.

Its shares fell more than 9% in after-hours trading.

Join us on
Follow @freshbusiness