Cisco Prepares for Layoffs Amidst Profitable Year
Mass Job Reductions Announced
Despite announcing an annual profit of $103 billion, Cisco, the San Jose tech giant, plans to layoff thousands of workers. This is the second round of significant job cuts for the company this year.
As of July 2023, Cisco employed approximately 84,900 people, indicating that the recent layoffs may impact around 5% of the workforce.
The company will also lay off hundreds of workers in two San Francisco Bay Area cities next month.
Financial Performance
During its fiscal second quarter, Cisco earned $26 billion, or $0.65 per share.
This represents a 6% decline compared to last year's $27.7 billion earning.
Industry Trends
Other tech giants have also announced layoffs, such as Intel, which plans to cut 15,000 jobs.
These actions reflect the ongoing challenges faced by the tech industry, including economic uncertainty and shifts in consumer demand.
Business Restructuring
Cisco's layoffs are part of a larger business restructuring effort aimed at streamlining operations and improving efficiency.
This initiative includes cost-cutting measures across the company.
0 Comments