Cisco Systems has made the decision to close its Flip video camera business and cut 550 jobs which could result in the death of the Flip camera.

The California-based company who are the world's largest makers of networking computer equipment, have made the move to ditch the Flip in a move to reorganize its consumer business.

For those who currently own a Flip hardware, the company intends to "support current FlipShare customers and partners with a transition plan," so there is perhaps no need to panic just yet.

A prominent player in the pocket camcorder business, the Flip has been hailed for its fuss-free recording and the ability to quickly upload content to video-sharing channels like YouTube.

Flipshare mobile apps for iOS and Android devices have also just recently been launched, so it will be interesting to see whether they will now stick around on the respective app stores.

Will you miss the Flip? Could it be resurrected by another company? Share your thoughts via Facebook and Twitter.

Link: WSJ