Daisy Watts
Feb 10, 2024
Network giant Cisco — in line with its plan to focus on high-growth areas — has decided to fire thousands of employees as a part of the restructuring.
According to the company website, the San Jose, California-based company has a total employee count of 84,900 as of fiscal year 2023.
While the sources confirmed Reuters that the company is firing employees they didn’t share the exact number of layoffs as the networking giant is still deciding on the total number of layoffs.
The company is still deciding on the total number of employees to be affected by the layoffs, one person said.
It was learnt that an announcement could come as early as next week.
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, open new tab and Ericsson, opens a new tab, cut thousands of jobs last year in a bid to lower costs.
