Cisco is closing its consumer products division, home to the widely-praised pocket-sized ‘Flip’ video camera. 550 jobs will go.

The company says existing Flip owners will be supported with a transition plan, which at least means that buyers who use related software or services shouldn’t panic just yet. Indeed, Flip only updated its camera software a few days ago.

Cisco CEO John Chambers said the company would be taking some bold steps in its overall reorganisation plan. Cisco bought the Flip business from Pure Digital Technology Inc just two years ago, paying $590 million for the business.

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