Cisco Said It Will Fire 4,000 People Next Year And The Stock Is Tanking After Hours

Cisco announced today that it plans to lay off 4,000 employees starting in the first quarter of 2014.

The news comes as the company reported earnings for last quarter. It earned $2.23 billion at $0.42 per share. Revenue was $12.42 billion, up 6% year over year, right in line with expectations.

The stock is tanking in after-hours trading. It's currently down about 10%.