Cisco will be shutting down its offices for the first time in the company’s history for four days at the end of this year in order to save some bucks, according to UBS Research summarized by GigaOm.
According to Om:
Cisco’s four-day shutdown is part of an effort by the company to save $1 billion. It might be more than just cost savings because Cisco (and many of us) doesn’t have visibility into 2009. Cisco, as a company has just seen Wall Street, a major customer shrink in size. At the same time it is facing low-cost competition from Dell, HP and Huawei. The New York Times is correct in identifying HP’s ProCurve businesses as slowly becoming a major competitor to Cisco. “HP is a much more formidable challenger to Cisco, and it has sent an obvious message,” Nikos Theodosopoulos, an analyst at UBS Securities told The Times.