Cisco will cut more than 4,200 employees – Kommersant
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Yesterday, February 14, the American network equipment supplier Cisco announced that it would lay off 5% of its employees – more than 4.2 thousand people. The staff cuts are part of the company’s restructuring plans. Cisco presented financial results for the second quarter. Revenue for this period decreased by 6%, to $12.8 billion, net profit – by 5%, to $2.6 billion. After the publication of the report, the company’s shares in over-the-counter trading fell by more than 5%.
Cisco is yet another tech giant to announce upcoming layoffs. Large-scale cuts in the sector began in 2022, the reasons are economic instability, a significant increase in staffing during the COVID-19 pandemic, as well as a refocus on new areas of activity, such as generative artificial intelligence.
According to service estimates layoffs.fyi, since the beginning of the year, technology companies have laid off almost 35 thousand employees. Reductions have recently been reported by Microsoft, Snap, eBay, and PayPal, among others. Last year, companies in the sector cut 263 thousand jobs.
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