Cisco to lay off 5% of workforce in restructuring, over 4,000 jobs affected

[Jobhunter]

Cisco Systems, the renowned networking equipment maker, has announced its decision to lay off 5% of its global workforce. This move is part of a broader restructuring strategy, aimed at focusing on high-growth areas such as AI and software.

 

The layoff announcement has sent ripples through the tech industry, as it adds to the thousands of job cuts by tech firms since last year. The decision translates to a reduction of over 4,000 jobs, marking a significant shift in the company’s operational strategy.

 

Alongside the workforce reduction, Cisco has also cut its annual revenue forecast. The company now expects third-quarter revenue to be between $12.1 billion and $12.3 billion, falling short of the estimated $13.1 billion. This news led to a 5% drop in the company’s shares in extended trading.

 

The unfolding scenario at Cisco raises several questions about the future of the tech industry and the impact of such strategic shifts on the global workforce. How will this restructuring affect Cisco’s position in the tech industry? And more importantly, what does this mean for the thousands of employees who are now facing an uncertain future?

 

We invite you to share your thoughts on this matter. How do you perceive this move by Cisco? And what implications do you think it could have on the tech industry at large?

 

Read more:

• https://edition.cnn.com/2024/02/14/business/cisco-to-lay-off-thousands/index.html
• https://www.cnbc.com/2024/02/14/cisco-cutting-5percent-of-global-workforce-in-restructuring-move.html
• https://www.usnews.com/news/technology/articles/2024-02-14/cisco-to-lay-off-5-of-workforce