Cisco has been in the news lately after it disappointed investors with lower than expected earnings. CEO John Chambers credited the low numbers to a loss of strategic focus on what Cisco does best – routers and networking vs. telepresence and consumer electronics.
And so..today the company announced it was killing its consumer business, which includes the Flip Camera and about 550 jobs. With smartphones making a phone-sized dedicated video device nearly obsolete, I have to say that I love my Flip camera and so does everyone else I know who owns one.
Cisco said today it will realign its remaining consumer businesses to support its “priorities,” including core routing, switching and services, collaboration, architectures and video. Shares of Cisco fell 18 cents to $17.47 yesterday on the Nasdaq Stock Market and have lost 34 percent in the past year. Source: Bloomberg