Joining other major tech companies in their layoff seasons, networking giant Cisco has reportedly begun cutting 5% of its workforce- which equates to more than 4,000 employees.
Cisco is preparing to lay off 4,000 employees in what it is calling a “rebalancing” act. The company says it wants to “rightsize certain businesses,” but no details have been given about which businesses those are.
Many workers took to TheLayoff.com and Blind portal to post about the job cuts they faced at the company, as Silicon Valley Business Journal reported.
“I was impacted by the Cisco layoffs,” one company employee said on Blind. The employee who was affected by the situation also added-
“Looking for immediate (software engineering) referrals. Any help would be sincerely appreciated. Thanks.”
The report found that some people asked for tips on new jobs, while others sought information about severance packages.
Although Cisco refused to give a direct comment, they did release a statement that said-
“We didn’t take this decision lightly, and we will offer that impacted extensive support, including generous severance packages”.
Last month, in its first quarter earning report for 2023, Cisco announced that it had made $13.6 billion in revenue; a six percent increase from the previous year.
Chuck Robbins, Chairman and CEO of Cisco, refused to give any details about the layoffs that will happen soon. He just said that
“We’d be reluctant to go into a lot of detail here until we’re able to talk to them. I would say that what we’re doing is rightsizing certain businesses” .
He also added-
“You can just assume that we’re going to — we’re not actually — there’s nothing that’s a lower priority, but we are rightsizing certain businesses.”
Scott Herren, Cisco’s Chief Financial Officer, calmly stated that the company was only “rebalancing.”
It is yet to be seen how the company will move forward with this rebalance. The only thing certain is that it won’t be an easy transition for the thousands of employees who are affected.
Shivendra Tiwari is an Engineer and an MBA in Marketing. He is the Content head at Marketing91 and a thorough Online Marketing enthusiast. Shivendra loves to follow different brands and study their Business and Marketing tactics.