The popular Flip video camera went on sale in 2007, and quickly became a top seller in the market. The start-up company sold over two million cameras in the first two years. Then, in 2009, the founders sold to Cisco Systems for $590 million. Today, Cisco announced it was shutting down its Flip video camera division.

Cisco said it would “exit aspects of its consumer business” and immerse the rest into other divisions. The company estimates that the changes will result in 550 layoffs and $300 million loss in the second half of the fiscal year.

“We are making key, targeted moves as we align operations in support of our network-centric platform strategy,” the company said in a statement. “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.”