- Cisco is planning to lay off thousands of employees in a business restructuring to focus on growth areas. The exact number of employees affected has not been disclosed.
- The tech sector has been facing layoffs and uncertainty, with Cisco announcing a 5% reduction in its workforce in November 2022, resulting in $600 million of severance and other expenses.
- Other major companies in the tech sector, including Nokia, Amazon, Alphabet, Microsoft, Snap, and Ebay, have also implemented layoffs, resulting in a global wave of job cuts in 2024.
In a move to align with the changing landscape of the tech sector, Cisco Systems Inc. has announced that it will lay off thousands of employees in the coming weeks, while also focusing on growth areas within the company.
This decision comes amid a surge in layoffs across the tech industry, as companies grapple with the economic impact of the COVID-19 pandemic and the shift towards remote work.
Cisco, a leading provider of networking equipment and telecommunications hardware, has stated that it will consolidate some of its business units and prioritize investments in key areas such as security, cloud computing, and collaboration tools.
The company has not yet disclosed the exact number of employees that will be affected by the layoffs, but it is expected to be a significant portion of its workforce. Cisco currently has over 75,000 employees worldwide.
In a statement, Cisco CEO Chuck Robbins acknowledged the difficult decision and emphasized the company’s commitment to supporting employees through the transition.
“We recognize that these decisions will impact many of our employees, and we are fully committed to supporting them through this transition. We will provide them with the resources and assistance they need to navigate this difficult time,” Robbins said.
Despite the layoffs, Cisco remains optimistic about its future prospects and its ability to adapt to the changing demands of the tech industry.
“We believe these changes will position us for long-term growth and success, as we continue to innovate and deliver value to our customers,” Robbins added.
The news of Cisco’s layoffs comes as a sobering reminder of the challenges facing the tech industry in the midst of the ongoing pandemic, and serves as a reflection of the broader economic uncertainty impacting businesses worldwide.