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Exclusive-Cisco to cut thousands of jobs as it seeks to focus on high growth areas -sources

2024.02.10 09:12


© Reuters. FILE PHOTO: An indication bearing the brand for communications and safety tech big Cisco Systems Inc is seen outdoors one of its workplaces in San Jose, California, U.S. August 11, 2022. REUTERS/Paresh Dave/File Photo

By Utkarsh Shetti and Supantha Mukherjee

(Reuters) -Network big Cisco (NASDAQ:) is planning to restructure its enterprise which can embrace shedding thousands of workers, as it seeks to focus on high-growth areas, in accordance to three sources acquainted with the matter.

The San Jose, California-based firm has a complete worker rely of 84,900 as of fiscal 2023, in accordance to its web site.

The firm remains to be deciding on the whole quantity of workers to be affected by the layoffs, one particular person mentioned.

An announcement might come as early as subsequent week, as the corporate prepares for its earnings name on Feb. 14.

In November 2022, Cisco introduced throughout an earnings name a restructuring that impacted roughly 5% of its workforce which lead to $600 million in severance and different fees.

Cisco declined to remark.

The transfer would come at a time when tech firms, together with telecom makers Nokia (HE:) and Ericsson (BS:), cut thousands of jobs final 12 months in a bid to decrease prices.

Several large tech companies such as Amazon (NASDAQ:), Alphabet (NASDAQ:) and Microsoft (NASDAQ:) have applied layoffs in current weeks.

Cisco had cut its full-year income and revenue forecasts in its earlier earnings name, in an indication that demand for its networking gear was slowing.

It had blamed the weak spot on a slowdown in orders within the first quarter, saying “customers are currently focused on installing and implementing products in their environments.”

The firm has lately grappled with provide chain points and a post-pandemic slowdown in demand, which has hastened its push into software program choices like cybersecurity.

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