Cisco chairman and CEO John Chambers told analysts the company will reduce its fiscal 2009 budget by $1 billion. "We are focused on managing our expenses through a pause in hiring, further decreasing travel and discretionary related expenses as well as deferring certain capital related projects," he said.
Over 70% of the Cisco's business comes from the US and western Europe. Both markets experienced negative year-over-year order growth in the latest quarter.
"We are seeing customers, not just in the financial, automotive or retail sectors, but across most of our enterprise industries facing what they view as a very challenging business environment," Chambers said. "This started in the US then, in our opinion, expanded to Europe, then to emerging market theater, and now to Asia."
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