Los Angeles: Networking giant Cisco is reportedly starting to lay off 4% of its workforce, or more than 4,000 workers, as it joins the Big Tech layoff season.The networking behemoth Cisco has been preparing to let go of over 4,000 workers as part of a "rebalancing" and "rightsizing certain companies," according to reports that initially surfaced last month.
According to Silicon Valley Business Journal, affected employees posted about their job losses at the company on TheLayoff.com and the Blind portal.Impacted by Cisco layoffs!" a worker for the company wrote on Blind."Seeking recommendations for (software engineering) right away. Any assistance would be greatly appreciated. Thank you, continued the affected employee.
The article claims that some people requested advice on finding new jobs and others requested details on severance compensation.However, Cisco did say in a statement that it "didn't take this choice lightly" and that it would provide individuals affected with considerable support, including significant severance compensation.Cisco reported $13.6 billion in revenue in its first quarter earnings report (Q1 2023) last month, an increase of 6% over the previous year.Cisco's chairman and CEO, Chuck Robbins, promised to withhold specific information about layoffs "Be hesitant to go into great detail until we can speak with them. What we're doing, in my opinion, is rightsizing some businesses ".
He had previously informed the analysts, "You can just assume that we're going to — we're not actually — there's nothing that's a lesser priority, but we are rightsizing certain businesses.The action was referred to as a "rebalancing" move by Scott Herren, the chief financial officer at Cisco.
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