Staff at Cisco brace for bad news ahead of an earning statement this week, amid reports of thousands of layoffs
Networking giant Cisco Systems is reportedly planning a major restructuring that involves the loss of ‘thousands of jobs’.
Reuters, which cited three sources familiar with the matter, reported that San Jose, California-based Cisco is plotting the job losses as it seeks to focus on high-growth areas.
Cisco last December gained a notable victory in a five year legal battle against cybersecurity specialist Centripetal Networks, when it successfully overturned a $2.75bn patent ruling made against the networking powerhouse.
Cisco currently has approximately 84,900 staff worldwide, but according to the Reuters report, the firm is still deciding on the total number of employees to be affected by the layoffs.
The workforce at Cisco however must be braced for bad news, as the layoff announcement reportedly could come this week, when Cisco prepares for its earnings call on 14 February.
Cisco declined to comment, Reuters reported.
Perhaps the most significant reduction in recent years was in November 2022, when Cisco had announced during an earnings call a restructuring that impacted roughly 5 percent of its workforce (roughly 4,000 jobs) which had lead to $600 million in severance and other charges.
Cisco is not alone, if it does confirm that thousands of jobs are to go.