Cisco will lay off thousands of employees as part of restructuring – Kommersant
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The American networking equipment development company Cisco Systems will lay off thousands of workers as part of business restructuring, reports Reuters with reference to sources. According to them, the company has not yet decided on the exact number of employees who will be fired.
Cisco employs 84,900 people as of fiscal year 2023. Cisco is expected to announce its decision next week along with earnings scheduled for Feb. 14. The company declined to comment.
During a previous press conference, Cisco lowered its revenue and profit forecasts for the coming year. Reuters calls this a sign of falling demand for the company’s network equipment. The last time Cisco carried out a restructuring in November 2022, it affected approximately 5% of employees who received benefits and other payments amounting to $600 million.
In September 2023 Cisco Systems announced on the purchase of Splunk, a company specializing in cybersecurity and big data analysis. The transaction amount will be $28 billion. This was the largest deal in Cisco history. Amid the news, Splunk shares grew by 23%, Cisco shares fell by 5%.
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