Tech layoffs continue: Cisco could lay off thousands

Cisco is reportedly preparing to lay off “thousands” of employees next week as the company shifts its focus to “high-growth areas.” According to Reuters, Cisco is expected to announce its second quarter 2024 financial report on February 14, and layoff announcements are likely to be made during the financial report.

Cisco did not comment on potential layoffs.

Last year, Cisco issued layoff notices to nearly 4,000 employees as the company launched a “rebalancing” and cost-cutting initiative. As of fiscal 2023, the network company’s headcount was reported to be 84,900.

Last September, Cisco laid off 350 employees in the latest round of layoffs in Silicon Valley. The company announced in November 2022 that it would cut approximately 5% of its workforce, or approximately 4,000 jobs.

“This latest notice is part of our rebalancing efforts beginning in November 2022, which includes limited restructuring impacting our real estate portfolio and approximately 5% of our workforce,” the company said in a statement.

The November layoffs are part of a $600 million restructuring plan. “This rebalancing is about prioritizing investments in our transformation to meet and exceed customer expectations in the changing technology environment,” the company said. In fiscal 2023, Cisco had sales of $57 billion.

(This article has not been edited by News18 staff and is published by IANS, the associated news agency)