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Cisco layoffs 2023: Global networking giant Cisco will lay off 350 employees in Silicon Valley, California, next month as part of its latest job-cutting cycle. According to Market Watch, the corporation disclosed this in a file with California's Employment Development Department. Cisco will lay off 227 employees in San Jose, California, and another 123 in adjacent Milpitas, California, beginning 16 October.
Cisco said it would cut 5% of its staff
In November 2022, the firm said it would cut 5% of its staff or around 4,000 positions. According to state documents, it laid off almost 700 Silicon Valley employees in March. Cisco began another round of layoffs in July, affecting personnel across business groups, as part of an earlier "rebalancing effort." According to the firm, these "recent notifications are part of the rebalancing effort we began in November 2022, which included a limited restructuring impacting our real estate portfolio and approximately 5% of our workforce."
The November layoffs were part of a $600 million reorganisation plan. According to the corporation, "This rebalancing is about prioritising investments in our transformation to meet and exceed our customers' expectations in the changing technology landscape." The IT networking giant reported a 16 percent increase in revenue year over year to $15.2 billion in its fourth quarter results in August.
Cisco's total revenue for fiscal year 2023 was $57 billion. Cisco earned $6 billion in operational cash flow, a remarkable 62% rise over the previous year. The IT networking giant reported a 16 percent year-over-year increase in revenue to $15.2 billion in its fourth-quarter earnings in August. Cisco's total revenue for fiscal year 2023 was $57 billion. Cisco earned $6 billion in operational cash flow, representing a 62 percent growth over the same time last year. Cisco is one of the biggest telecom businesses that is laying off workers. Verizon, Crown Castle, BT, Vodafone, Ericsson, and other companies are also cutting staff.