Networking giant Cisco is reportedly starting to lay off 4% of its workforce, or more than 4,000 workers, as it joins the Big Tech layoff season.
According to reports that initially surfaced last month, the networking behemoth Cisco has been preparing to let go of over 4,000 workers as part of a “rebalancing” and “rightsizing certain companies.”
Affected employees posted about their job losses at the company on TheLayoff.com and the Blind portal, according to the Silicon Valley Business Journal.
Cisco layoffs have an impact! According to a company employee, For (software engineering), I need some short recommendations. Any aid would be greatly appreciated. The affected employee said, “Thank you.”
The article claims that some people sought advice on finding new jobs while others looked for details on severance payouts.
Cisco did, though, stress in a statement that it “didn’t take this option lightly” and that it would offer those impacted a great deal of support, including sizable severance pay.
The company reported $13.6 billion in revenue in its first quarter earnings report (Q1 2023) last month, an increase of 6% over the previous year.
Cisco’s Chairman and CEO, Chuck Robbins, declined to provide any information about employee layoffs, stating that he would “be reluctant to go into a lot of detail here until we’re able to talk to them.” In my opinion, what we’re doing is right-sizing some enterprises.
He told the analysts, “You can just think that we’re going to, we’re not actually going to, there’s nothing that’s a lesser priority, but we are rightsizing certain businesses.
Cisco Chief Financial Officer Scott Herren described the measure as a “rebalancing” move.