Cisco to remove 5 percent workforce
IT major Cisco on Wednesday announced its plan to lay off 5 percent of its global workforce.
The company reportedly took the move as a part of widespread structuring.
Cisco is now the latest technology firm to announce layoffs in recent months.
Cisco reported second quarter revenue of $12.8 billion, net income on a generally accepted accounting principles (GAAP) basis of $2.6 billion or $0.65 per share, and non-GAAP net income of $3.5 billion or $0.87 per share.
"We delivered a solid second quarter with strong operating leverage and capital returns," said Chuck Robbins, chair and CEO of Cisco. "We continue to align our investments to future growth opportunities. Our innovation sits at the center of an increasingly connected ecosystem and will play a critical role as our customers adopt AI and secure their organizations."
According to sports, Cisco employs nearly 85,000 people.
The layoff may hit 4,000 employees.
Layoffs in 2024
Several tech firms have announced layoffs in 2024.
These firms include Amazon, Microsoft, and PayPal.
As per data compiled by Layoffs.fyi, 144 tech companies have laid off 34560 employees so far.
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