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February 9, 2024
Cisco layoffs reportedly will impact thousands of employees as the company is planning to restructure its business.
That’s according to Reuters, citing three people familiar with the matter. An announcement could come next week.
The company reportedly is still deciding on the total number of employees to be impacted by the layoffs, one person said.
Cisco’s workforce totaled 84,900 as of July 2023.
When asked about the layoffs, Cisco said it doesn’t “comment on rumors.” It will announce its earnings for the second quarter of its fiscal year 2024 on Feb. 14. Wall Street expects a year-over-year decline in earnings on lower revenues, according to Zacks Equity Research.
Last September, Cisco notified workers of layoffs impacting 350 employees in Silicon Valley as part of a rebalancing.
In two Worker Adjustment and Retraining Notification (WARN) notices with the California Employment Development Department, filed in mid-July, Cisco said it was laying off 123 workers at its Milpitas facility and 227 workers at its San Jose facility.
Cisco told us those layoffs weren’t about cost savings. Instead, the job cuts were about prioritizing investments in its transformation.
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