Cisco revenue forecast disappoints; says to cut 1,100 more jobs

FILE PHOTO: A newly installed phone made by Cisco is shown in San Diego, California, U.S., April 17, 2017. REUTERS/Mike Blake/File Photo
(Reuters) – Cisco Systems Inc forecast current-quarter revenue that widely missed analysts’ estimates and said it would cut 1,100 more jobs, as the world’s largest networking gear maker steps up efforts to transform into a software-focused company.
Shares of the Dow component fell 8.2 percent to $31.05 in after-market trading on Wednesday. Th