Cisco plans streamline to five units
NEW YORK (Reuters) - Cisco Systems Inc <CSCO.O> will streamline its sales, services, and engineering organizations and refocus around five growth markets, in a significant restructuring at a company which had admitted it lost its way.
After an unsuccessful foray into consumer segments, such as video cameras, Cisco said it going to simplify its business and return to what it is best known for: selling network technology to businesses and other large organizations.
Cisco announced last month that it would dump its Flip video camera.
Its focus areas include routing, switching, services, data center technology and video conferencing.
The company said it will also reorganize its worldwide field operations around three geographic regions; the Americas, Europe, Middle East and Africa and Asia.
It did not say in the statement if the restructuring would involve any layoffs and a representative was not immediately available for comment.
Its shares were up 17 cents to $17.64 in early trade.
(Reporting by Jennifer Saba and Sinead Carew; Editing by Gerald E. McCormick and Derek Caney)