By Ed Oswald | Tuesday, November 25, 2008 at 10:25 am
Technologizer has confirmed claims by UBS Research that Cisco is preparing to shut down for four days at the end of this year in a likely effort to cut costs. It would be the first time in the company’s history, and probably means things in Silcon Valley are worse than we think. The information comes from an employee within the company.
Add to this some details from Om Malik, who claims that an “major annual internal event” has also been postponed, and you must begin to question how well Cisco’s doing. Altogether, the effort would save the company about $1 billion. (Our source says he knew nothing about any event cancellations).
This is in addition to a hiring freeze and cutback of non-essential events as part of a broader plan to save money in 2009. With such uncertainty, that is probably a good idea.