Cisco May Cut Thousands of Jobs as Tech Layoffs Persist
Cisco is reportedly poised to cut “thousands” of jobs next week as the company focuses on “high-growth areas.” Cisco is expected to report its second-quarter 2024 results on February 14, and the layoff announcement is likely to be made during the results, reports Reuters.
Cisco did not comment on potential layoffs.
Cisco last year laid off nearly 4,000 workers as the company moved to “rebalance” and cut costs. According to the reports, the number of personnel of the network company was a total of 84,900 in the fiscal year 2023.
In September of last year, Cisco laid off 350 employees in Silicon Valley in the United States in the latest round of layoffs. In November 2022, the company announced that it would cut about 5 percent of its workforce, or about 4,000 jobs.
The company had said in a statement that these “recent announcements are part of the rebalancing we started in November 2022, which included a limited restructuring affecting our real estate portfolio and approximately 5% of our workforce.”
The November layoffs were part of a $600 million restructuring plan. “This rebalancing is about prioritizing investment in change to meet and exceed our customers’ expectations in a changing technology environment,” the company said. Cisco’s turnover in 2023 was 57 billion dollars.
