Global Networking Giant Cisco Company: San Francisco: Global networking giant Cisco may reportedly lay off thousands of employees next week. The company is focusing on high-growth areas. According to Reuters report, Cisco is expected to release its second-quarter 2024 earnings report on February 14 and layoffs are likely to be announced during this time. Cisco did not comment on the potential job cuts. Cisco issued layoff notices to about 4,000 employees last year.
According to the report, the networking company’s total employee strength by fiscal year 2023 was 84,900. In September last year, Cisco laid off 350 employees in Silicon Valley in the US in its latest round of job cuts. The company had announced to cut about 5 percent of its workforce, or 4,000 jobs, in November 2022. The company had said in a statement that these ‘recent notifications are part of a rebalancing effort initiated in November 2022, which included a limited restructuring affecting approximately 5 percent of our real estate portfolio and our workforce.’
The layoffs in November were part of a $600 million restructuring plan. The company had said, “This rebalancing is about prioritizing investment in our transformation, meeting and exceeding our customers’ expectations in the changing technology landscape.” For its full fiscal year 2023, Cisco had generated sales of $57 billion.