Nagaland News Watch

Continued Tech Layoffs: Cisco May Cut Thousands of Jobs

<p>According to reports, Cisco is planning to fire “thousands” of workers the next week as it shifts its attention to “high-growth areas.” According to Reuters, Cisco is scheduled to release its Q2 2024 results on February 14 and is anticipated to disclose the layoffs during the report.</p>
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<p>Cisco remained silent over the possible layoffs.</p>
<p>Nearly 4,000 Cisco workers received layoff letters last year as part of the company’s attempts to “rebalance” and reduce expenses. As of its fiscal year 2023, the networking corporation employed 84,900 people overall, according to reports.</p>
<p>In its most recent wave of layoffs, Cisco terminated the employment of 350 workers in the US’s Silicon Valley in September of last year. The corporation stated in November 2022 that it will be cutting nearly 4,000 positions, or about 5% of its workforce.</p>
<p>These “recent notifications are part of the rebalancing effort we began in November 2022, which included a limited restructuring impacting our real estate portfolio and approximately 5% of our workforce,” the business had said in a statement.</p>
<p>The November layoffs were a component of a reorganization plan worth $600 million. As the technological environment changes, the business said, “This rebalancing is about prioritizing investments in our transformation, to meet and exceed our customers’ expectations.” Cisco’s sales for the whole fiscal year 2023 came to $57 billion.</p>