The bloodletting wasn't as bad as some had expected, but it was bad enough: Cisco said it plans to cut up to 5,500 jobs, about 7 percent of its workforce, as it tries, like other industry stalwarts, to shift more of its business from legacy hardware to software and services. If a Cisco mid-August restructuring sounds familiar, it should: Two years ago, it announced plans to trim 6,000 employees; the year before, 4,000.
[Dan Frommer | Recode]
Samsung's Galaxy Note 7 goes on sale today, and the company has reason to be optimistic. The Verge says it's the best big phone out there, and Wall Street Journal reviewer Joanna Stern called it the best new Android phone (and did her video review underwater to highlight its waterproof abilities). Meanwhile, Samsung stock is trading near record highs.
[Dan Seifert | The Verge]
Instagram would really like its users to watch more videos (just like Twitter and Snapchat), so it's going to start recommending collections of user-generated videos related to specific news or cultural events (just like Twitter and Snapchat).
[Kurt Wagner | Recode]
In the latest episode of Recode Media with Peter Kafka, recorded shortly before the bankruptcy auction of Gawker Media, Elizabeth Spiers, the first writer and editor of Gawker.com, talks about the early days and the site's evolution. She also tells what it was like working at the New York Observer under Donald Trump’s son-in-law, Jared Kushner.
[Eric Johnson | Recode]
Lenovo has been cutting costs and selling assets to try to offset sluggish demand for PCs and smartphones, and the efforts seem to be paying off. The company beat analysts' expectations by posting a 64 percent increase in Q1 profits.
[Staff report | Bloomberg News]
