Cisco to layoff thousands of employees in a fresh round of job cuts: Report
Week Ahead: Inflation data, Q3 results, global cues among key market triggers this week The company is currently in the process of determining the exact number of employees who will be affected by the impending layoffs, according to a source familiar with the matter. An official announcement regarding the layoffs could be made as early as next week, coinciding with the company's earnings call scheduled for Feb.
14. In November 2022, during an earnings call, Cisco disclosed a restructuring initiative that impacted approximately 5% of its workforce, resulting in $600 million in severance and related charges.
When approached for comment, Cisco declined. Also read: IPOs next week: Four new public issues, five listings to keep primary market busy This move comes amidst a broader trend within the tech industry, with companies like telecom giants Nokia and Ericsson having trimmed thousands of jobs last year to reduce costs.
Several prominent tech firms, including Amazon, Alphabet, and Microsoft, have also recently announced layoffs. Cisco's decision follows a previous earnings call in which the company revised down its full-year revenue and profit forecasts, signaling a slowdown in demand for its networking equipment.
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