Cisco to Shut Down Flip Camera Business
In today's economy, many companies are struggling to stay afloat. Cisco Systems has been seeing disappointing numbers over the last few quarters and is going to revamp much of its consumer unit. One part of that on the cutting floor is the Flip video camera business, something Cisco acquired not too long ago. Umi personal video conferencing technology is going to be integrated in the larger TelePresence business, so it seems the consumer aspect is being a bit left out. The reason for the moves is due to the lagging sales numbers, reduced profits, and weakened forecasts suffered by Cisco, something it has had to explain to its investors especially when companies like Intel are on the rise. Cisco will lose 550 employees and nearly $300 million due to the cuts, as well as a vital part of the consumer business.