Cisco says it’s cutting 5% of global workforce, amounting to over 4,000 jobs
Cisco announced plans to cut 5% of its workforce on Wednesday, a decision that will result in the elimination of about 4,250 jobs.
Cisco announced plans to cut 5% of its workforce on Wednesday, a decision that will result in the elimination of about 4,250 jobs. Shares were down as much as 9% in extended trading.
It’s the latest tech company to downsize in 2024, as the industry continues to squeeze out costs following the market downturn that hit two years ago. January was the busiest month for job cuts in the industry since March, as Alphabet, Amazon, Microsoft and SAP all said they were eliminating positions, as did eBay Unity and Discord. So far this year, 144 tech companies have laid off almost 35,000 workers, according to the website Layoffs.fyi.
In addition to disclosing the job cuts, Cisco reported strong fiscal second-quarter results but gave a light forecast.
Earnings per share: 87 cents, adjusted, vs. 84 cents expected
Revenue: $12.79 billion, vs. $12.71 billion expected
Rating: 5