Cisco plans to cut roughly 4,000 jobs by February 2024
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It has been reported that Cisco Systems , a major network equipment manufacturer, plans to cut thousands of jobs as early as August 14, 2024. Cisco Systems is also planning to cut about 4,000 jobs in February 2024. had laid off employees.
Exclusive: Cisco to lay off thousands more in second job cut this year | Reuters
https://www.reuters.com/technology/cisco-lay-off-thousands-more-second-job-cut-this-year-sources-say-2024-08-09/
Cisco could reportedly let go 4,000+ workers in new round of job cuts - SiliconANGLE
Cisco Systems has struggled in recent years with declining demand from cloud providers and other large customers, reporting that networking orders fell about 20% in the third quarter of 2023 compared to the same period a year ago. Meanwhile, Cisco Systems has seen growth in its security, networking and observability divisions, and in a November 2023 earnings briefing, Cisco Systems CEO Chuck Robbins told investors, 'Cisco Systems is 'We are working to strengthen our capabilities in these high-growth areas.'
In February 2024, Cisco Systems laid off approximately 4,250 employees, or about 5% of its total workforce, as part of a business restructuring effort.
Cisco Systems is also reportedly likely to implement large-scale workforce reductions in August 2024. According to sources, the company will cut about 4,000 employees, the same as in February 2024, or more. Cisco Systems is seeking to diversify its operations after acquiring cybersecurity company Splunk for about $28 billion in March 2024. The recent staff reductions are seen as part of this business restructuring.
Cisco Systems is scheduled to report its second quarter 2024 financial results on August 14, 2024, and is expected to announce the job cuts at the same time.
Following this report, Cisco Systems' stock price fell by about 1% at the closing price on August 10, 2024. Cisco Systems has not commented on this report.
Continued
Cisco announced that it will lay off 7% of its workforce when it reports its fourth-quarter 2024 financial results.
Cisco's revenue declines for third straight quarter, decision to lay off 7% of employees, while stock price rises by more than 5% - GIGAZINE
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