As of fiscal 2023, Cisco employs 84,900 people worldwide, according to its website. According to three people familiar with the matter, network giant Cisco plans to restructure its business in order to concentrate on high-growth areas. This reorganization will involve the layoff of thousands of employees.
Leader in networks cisco layoffs is getting ready for a corporate reorganization that will prioritize high-growth industries. According to media reports, this strategic shift is anticipated to result in the layoff of approximately thousands of employees.
According to data on its website, as of fiscal year 2023, cisco layoffs, which has its headquarters in San Jose, California, employed 84,900 people.
An individual with knowledge of the situation claims that the company is presently in the process of ascertaining the precise number of workers who will be impacted by the forthcoming cisco layoffs.
The cisco layoffs may be formally announced as early as next week, in conjunction with the company’s February 14 earnings call.
During an earnings call in November 2022, Cisco revealed a restructuring initiative that affected about 5% of its workforce and resulted in severance and related charges totaling $600 million. cisco layoffs declined to comment when contacted.
This action fits into a larger pattern in the tech sector, where thousands of jobs were cut last year by major players in the telecom sector like Ericsson and Nokia in an effort to cut expenses.
Recently, layoffs have also been announced by a number of well-known tech companies, including Microsoft, Amazon, and Alphabet.
cisco layoffs move comes after a previous earnings call during which the company indicated a slowdown in the demand for its networking equipment by lowering its full-year revenue and profit projections. Due to a drop in orders during the first quarter, cisco layoffs blamed the slowdown on customers’ attention being diverted toward installing and configuring products in their environments.
Cisco has accelerated its shift to software offerings like cybersecurity as a result of challenges it has faced recently, including supply chain disruptions and a post-pandemic decline in demand.
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A fresh round of layoffs has been announced by Cisco Systems Inc., a manufacturer of networking equipment, as the company prepares to see its sales growth slow due to uncertainty in the world economy. the job losses. are a part of a continuous process by which we align our resources and investments to meet the changing needs of our partners and customers, as Cisco informed The Wall Street Journal on Thursday. The approximately 75,000-person company declined to disclose the number of individuals impacted or their roles in the incident.
cisco layoffs promised to assist impacted staff members.
This month, the San Jose, California-based company stated that it anticipates a 1.5% to 3.5% decline in revenue for the current quarter. The reduction would follow a 3.5% year-over-year decline in revenue for the company’s second fiscal quarter, which concluded on January 25.
The company said at the time of the announcement that it had begun a restructuring plan that could result in pretax charges of roughly $300 million, including severance payments. According to Cisco, the amount will be roughly half that in the current quarter.
Like other tech companies, Cisco said in its layoffs that it was cautious about the potential impact of the coronavirus pandemic on its business. Giants in the tech industry like Apple Inc. and Microsoft Corp. have released advisories saying that the outbreak is having a bad effect on their outlook.
Cisco is laying off employees as it refocuses its sales efforts on hardware, such as servers, routers, and other equipment, rather than software services.