NEW YORK – Cisco Systems Inc will cut 550 jobs and shut down its Flip camera business in an overhaul of its troubled consumer products, following chief John Chambers' recent admission that the company had lost its way.
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Cisco's consumer division, in particular, has been a target of criticism by analysts, who have said it strays too far from the company's main business of selling routers and switches to the technology and telecommunications industries.
Cisco shares were up 8 cents at $17.55 in premarket trading on Tuesday. (Reporting by Paul Thomasch; Editing by Derek Caney)