Cisco to lay off 350 employees in latest job cut round
Cisco layoffs 2023: The company revealed this in a filing with the California's Employment Development Department, reports Market Watch. Cisco will lay off 227 people in San Jose, and another 123 in nearby Milpitas, California, effective from October 16.
Cisco layoffs 2023: Global networking giant Cisco is laying off 350 employees in the Silicon Valley in the US next month in its latest job cut round. The company revealed this in a filing with the California's Employment Development Department, reports Market Watch. Cisco will lay off 227 people in San Jose, and another 123 in nearby Milpitas, California, effective from October 16.
The company in November 2022 announced to slash about 5 per cent of its workforce, around 4,000 jobs. It laid off nearly 700 Silicon Valley employees in March, according to state filings. In July, Cisco started another round of layoffs affecting employees across business units, which were part of an earlier "rebalancing effort". The company had said in a statement that 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 per cent of our workforce”.
The layoffs in November were part of a $600 million restructuring plan. The company said in a statement that "this rebalancing is about prioritising investments in our transformation, to meet and exceed our customers' expectations in the changing technology landscape”. In its fourth quarter results in August, the IT networking company said the revenue went up 16 per cent year-over-year to $15.2 billion.
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For its full fiscal 2023 year, Cisco generated sales of $57 billion. Cisco generated $6 billion in operating cash flow, which is a significant increase of 62 per cent compared to the same period last year.