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Cisco revenue forecast disappoints; says to cut 1,100 more jobs
(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. Cisco, which announced in August that it would slash 5,500 jobs, said the new cuts would result in $150 million in additional pretax charges. Analysts on average had expected revenue of $12.51 billion, according to Thomson Reuters I/B/E/S. Cisco said orders in its public sector business, which includes sales to federal, state and local governments, fell 4 percent in the third quarter ended April 29.
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