Business

Business briefs

Cisco cuts 500

Cisco Systems, the world’s largest maker of computer-networking equipment, is cutting 500 jobs as the company focuses on businesses that are growing.

Buoyant eBay

EBay said it expects to have marketplace volume of $110 billion by 2015 as its active user base expands to 200 million, aided by emerging markets. Revenues are expected to increase by 68 percent.

Jobless jolt

Applications for first-time unemployment insurance benefits rose more than economists expected, by 16,000 to 357,000 last week, the Labor Department said.

Boom in IPOs

Initial public offerings raised almost $20 billion globally in the first quarter, as companies from Pfizer to Goldman Sachs took advantage of a rally in stocks to sell businesses.

GameStop on

GameStop, the world’s largest video-game retailer, reported fourth-quarter profit that beat analysts’ estimates, led by digital and mobile products. Shares closed up 5.8 percent to $27.97 then dipped slightly in after-hours trading.