Cisco Sorting: Joining the season of Big Tech layoffs, networking major Cisco has reportedly started laying off 5 per cent of its workforce or more than 4,000 employees.
Reports first emerged last month that networking giant Cisco is preparing to lay off more than 4,000 employees in a “rebalancing” act while “powering down some businesses”.
According to the Silicon Valley Business Journal, affected employees took to TheLayoff.com and Blind Portal to post about their job cuts at the company.
Hit by the Cisco layoffs!” said a company employee on Blind.
“Looking for an urgent (software engineering) referral. Any help would be sincerely appreciated. Thanks,” said AA affected employee.
According to reports, some asked for suggestions about new jobs, while some asked for information about severance packages.
Cisco did not comment directly but said in a statement that “we have not taken this decision lightly, and we will offer comprehensive support to those affected, including generous severance packages”.
In its first quarter earnings report (Q1 2023) last month, Cisco reported $13.6 billion in revenue, up 6 percent year-over-year.
Cisco Chairman and CEO Chuck Robbins did not provide any details about the layoffs, saying he would be reluctant to go into too much detail until “we’re able to talk to them.” I would say what we’re certain businesses have the right to do”.
“You can just assume that we’re going to — we’re not really — there’s nothing that’s going to be a low priority, but we’re going to right some businesses,” he told analysts.
Scott Herren, Cisco’s chief financial officer, described the move as a “rebalancing” act.
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