Cisco Systems To Cut Thousands Of Jobs

Network giant Cisco is planning to restructure its business, which will include laying off thousands of employees, as it seeks to focus on high-growth areas, according to three sources familiar with the matter, as reported by Utkarsh Shetti and Supantha Mukherjee for Reuters.

In November 2022, Cisco announced during an earnings call a restructuring that impacted roughly 5% of its workforce, which led to $600 million in severance and other charges. I Photo: DennisM2 Flickr

The San Jose, California-based company has a total employee count of 84,900 as of fiscal 2023, according to its website. The company is still deciding on the total number of employees to be affected by the layoffs, one person said.

An announcement could come as early as next week, as the company prepares for its earnings call on February 14.

In November 2022, Cisco announced during an earnings call a restructuring that impacted roughly 5% of its workforce, which led to $600 million in severance and other charges.

The move would come at a time when tech companies, including telecom makers Nokia and Ericsson, cut thousands of jobs last year in a bid to reduce costs. Several big tech firms such as Amazon, Alphabet, and Microsoft have implemented layoffs in recent weeks.

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