Cisco to layoff up to 2,000 jobs

The global downturn is not sparing normally resilient Cisco Systems, which Wednesday reported a 27 percent year-over-year drop in profit during the second quarter.

Chief Executive John Chambers said his company is responding to the worsening economy by slashing costs, and is eliminating up to 2,000 positions.

He said Cisco is reducing its head count by 1,500 to 2,000 positions. But Chambers said the company hopes to avoid major layoffs, which he defined as 10 percent or so of Cisco's 67,300 workers, about 18,700 of whom live in the Bay Area.