Cisco confirms major job cuts as revenue falls
Cisco has confirmed major job cuts as the networking giant grapples with recent problems and rising costs.
The company has announced it will cut 7% of its global workforce, equating to thousands of jobs, after sales and revenue fell again.
In his Results Q4 2024Cisco reported revenue of $13.6 billion, down 10% year-over-year, while total revenue for the full fiscal year 2024 was $53.8 billion, down 6% year-over-year.
Job cuts at Cisco
The news, which confirms reports from a few days ago, marks the second round of major layoffs at Cisco in 2024 as the company looks to improve efficiency and productivity.
In February 2024, the company laid off 5% of its global workforce, which at the time amounted to about 4,250 jobs. In November 2022, another 4,100 employees were laid off.
Cisco has also been spending a lot of money on acquisitions in recent months. In March 2024, the company completed the acquisition of data analytics expert Splunk for about $28 billion. So the job cuts could well be a result of the cost savings that come with this deal.
Other major players in the tech sector, including Amazon, Google and Microsoft, have recently made similar job cuts as a direct result of the poor economic conditions and other related factors.
Dell recently announced plans to cut about 10% of its workforce as part of plans to “streamline management layers.” Intel also announced its plan to cut 15,000 positions as it looks to turn around a challenging year so far.
Tracking website fired.fyi According to the organization, more than 130,000 jobs have been cut so far in 2024, and more jobs are likely to be lost in the near future.
Ny Breaking has reached out to Cisco for comment, but the company has not yet responded.