Cisco Systems (CSCO) shares were slipping Wednesday after news the company is planning to lay off thousands of employees. Cisco is laying off upward of 14,000 employees, or nearly 20% of the workforce, CRN first reported. The cuts stem from the networking giant's transition from its hardware roots into a software-centric organization, according to CRN.
The news comes ahead of Cisco's latest earnings report. Analysts are forecasting earnings of $0.60 on revenue of $12.57 billion. Cisco is a holding in Jim Cramer's Action Alerts PLUS portfolio.