Cisco Shuttering Flip Cameras

Flip video cameras were so hot two years ago that Cisco Systems shelled out $590 million to buy the startup that built them. So much for that. Cisco announced today it was shutting down its Flip business, reports the Huffington Post. The easy-to-use gadget had its moment—the Wall Street Journal uses the word "iconic" in its product obituary—but it was done in by ever-advancing smartphones.

"The writing was on the wall for the Flip video business," writes Leena Rao at TechCrunch. "In a world where consumers can now record and stream video directly from their iPhone, Android or BlackBerry phone, Flip’s video camera business is no longer novel or useful." As part of its restructuring, Cisco also plans to lay off 550 employees. Click through here to read the company explanation.