Cisco to lay off thousands of employees | in a fresh round of job cuts: Report

1.Cisco to lay off thousands of employees | in a fresh round of job cuts: Report

The big network equipment maker, Cisco, is apparently gearing up for a major reshuffle that could affect thousands of its employees. A report by Reuters, released exclusively, suggests that the company is still figuring out just how many jobs will be on the chopping block. Sources familiar with the matter say this decision is aimed at focusing on areas with high potential for growth and making operations more efficient.Cisco to lay off thousands of employees | in a fresh round of job cuts: Report

Potential Impact While the exact number of layoffs is still up in the air, it could potentially run into the thousands.

In a earnings call back in November 2022, Cisco unveiled a restructuring plan that impacted about 5% of its workforce, racking up severance and related costs totaling $600 million. When reached out to, Cisco chose not to comment.

Cisco to lay off thousands of employees | in a fresh round of job cuts: Report

This move is part of a broader trend in the tech world, where major players in the telecom industry, such as Ericsson and Nokia, slashed thousands of jobs last year in a bid to cut costs.

Other well-known IT giants like Microsoft, Amazon, and Alphabet have also recently announced layoffs.Cisco to lay off thousands of employees | in a fresh round of job cuts: Report

Cisco’s decision comes after the company scaled back its sales and profit forecasts for the full year in a previous earnings call, signaling a slowdown in the market for its networking gear. Cisco attributed this downturn to a drop in orders during the first quarter, citing that “customers are

Cisco might announce the dates when jobs will be cut “as early as next week” as it prepares for its earnings calls on February 14th. The company has decided to reduce its workforce amidst recent layoffs in the IT and retail sectors. According to Reuters, the multinational network corporation is planning to eliminate thousands of positions as part of its restructuring efforts. With a total of 84,900 employees, the San Jose-based company aims to focus on regions with high growth potential.

2.Cisco to lay off thousands of employees | in a fresh round of job cuts: Report

Cisco intends to lay off thousands of workers as part of its restructuring plan. Although the company has announced the layoffs, it hasn’t yet determined the exact number of employees who will be affected. The announcement of job cuts could come as early as next week, ahead of Cisco’s earnings calls on February 14th. A previous restructuring plan, which also included layoffs, led to $600 million in severance and other expenses. According to reports, in November 2022, the company let go of 4,100 employees, which accounted for around 5% of its total workforce.Cisco to lay off thousands of employees | in a fresh round of job cuts: Report

This information comes after Cisco reduced its sales forecast. The company experienced a 6.6% decline in expected revenue and a decrease in adjusted earnings per share in January. While the company hasn’t commented on its latest decision, it coincides with the job cuts made by several other tech companies last year, including Ericsson and Nokia, as part of their restructuring efforts.