SAN JOSE, Calif. - Cisco Systems Inc. is exiting parts of its consumer businesses, with plans to shut its Flip video camera business.
The announcement by the world's biggest maker of computer-networking gear on Tuesday comes just a week after CEO John Chambers sent a memo to employees vowing to take "bold steps" to narrow the company's focus.
Cisco, which is facing stronger competition from rivals in its core business, said it will realign its remaining consumer business to support four of its five key priorities — core routing, switching and services; collaboration; architectures and video.
The San Jose, Calif., company anticipates its consumer business shakeup will result in the loss of 550 jobs and restructuring charges of no more than $300 million in its fiscal third and fourth quarters.
