Cisco Kills Flip Camcorder Line, 550 Jobs to Be Eliminated

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Flip! Dead! The company that made portable camcorders cool—and managed to command almost double the price of competing models somehow—was purchased by networking giant Cisco a couple years ago.

And we all thought, “Oh boy, they’re certainly going to make a Wi-Fi-enabled Flip camera that streams video and/or uploads it directly to the web.”

Cisco even promised one!

Alas, it wasn’t meant to be. Cisco has just confirmed to Pocket-lint that it’s killing off the Flip brand and “ceasing production of all models.”

Says Cisco CEO John Chambers:

“We are making key, targeted moves as we align operations in support of our network-centric platform strategy. As we move forward, our consumer efforts will focus on how we help our enterprise and service provider customers optimize and expand their offerings for consumers, and help ensure the network’s ability to deliver on those offerings.”

The company wouldn’t say if sales had slumped, but suggested the camcorders “are fast losing out to mobile phones with 720p video recording capability,” according to Pocket-lint.

Cisco will apparently be cutting some 550 jobs as a result of this move as well, reports TechCrunch.

More on TIME.com:

Flip SlideHD Review: When Good Enough Isn’t Good Enough

Cisco Promises Wi-Fi-enabled Flip

Cisco Goes Consumer, Announces ūmi Video Conferencing

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