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Cisco to cut thousands of jobs

American multinational digital communications technology conglomerate Cisco is reportedly planning to restructure its business – something that will include a reduction of its workforce. According to Reuters, the company is considering laying off thousands of workers in order to concentrate on high-growth areas.

As of fiscal 2023, Cisco employed 84,900 people in total, according to its website. One source told Reuters that the company is still deciding how many workers would be affected by the workforce reduction.

As the company is getting ready for its earnings call on February 14, an announcement could be made as early as next week.

During an earnings call in November 2022, Cisco announced a restructuring plan that affected around 5% of its workers and resulted in severance and other expenses totalling USD 600 million.

Cisco declined to comment on Reuters information regarding new layoffs.


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June 13 2024 1:49 pm V22.4.55-2