Cisco announces fresh round of layoffs, fires 4,250 employees: Story in 5 points

amazon, microsoft, cisco announces fresh round of layoffs, fires 4,250 employees: story in 5 points

Cisco announces fresh round of layoffs, fires 4,250 employees: Story in 5 points

In a bid to realign its focus and improve key areas, Cisco has unveiled a substantial restructuring plan. However, this strategic move comes with a heavy toll, as the company prepares to lay off approximately 4,250 employees globally, CNBC reported. Amidst economic uncertainties, this development not only spotlights the challenges faced by tech giants but also raises pertinent questions about job security in the industry. Here is the full story in five points.

Cisco announces fresh round of layoffs, fires 4,250 employees: Story in 5 points

-Cisco has announced a restructuring plan aimed at realigning the organization and investing further in key priority areas. This move comes amidst ongoing economic fluctuations in the tech industry.

-The restructuring plan will affect approximately 5 percent of Cisco’s global workforce, resulting in an estimated 4,250 employees losing their jobs. The layoffs raise concerns about job security within the tech sector, echoing similar actions taken by other major tech companies.

-Cisco’s announcement adds to a growing trend of layoffs within the tech industry. Since January 2024, as many as 144 tech companies, including Google, Amazon, Microsoft, and SAP, have announced layoffs, totaling close to 35,000 job cuts. This information has been reported by the website Layoffs.fyi.

-Despite the restructuring and layoffs, Cisco reported solid second-quarter results, with revenue reaching $12.8 billion for the period ended January 27, 2024. The company emphasized strong operating leverage, capital returns, and a focus on future growth opportunities.

-Chuck Robbins, chair and CEO of Cisco, highlighted the company’s aim to innovate an increasingly connected ecosystem, particularly as customers adopt AI and enhance organizational security. Meanwhile, Scott Herren, CFO of Cisco, talked about progress in shifting towards a more recurring revenue model while maintaining financial discipline and delivering shareholder returns, including an increased dividend.

It is worth pointing out that this is not the first time Cisco is reducing its workforce. Some reports claim that the company sacked hundreds of employees in the past year too. Most of the tech companies are doing the same thing in the name of saving costs and improving business. The tech giants such as Google, Microsoft, Amazon, and Meta have done multiple layoffs in the recent past.

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