Cisco says it will cut 4,000 jobs, blaming it on a disappointing economic recovery

The Silicon Valley network-equipment giant on Wednesday said it would cut 4,000 jobs, or 5% of its workforce, despite reporting an 18% jump in profit in the fourth fiscal quarter.

John Chambers, Cisco’s chief executive, blamed the decision largely on a disappointing economic recovery that is affecting particular countries and product lines in different ways.