Cisco layoff news

Here are some recent news articles and updates about Cisco layoffs:

Recent Layoffs:

• In October 2022, Cisco announced a restructuring plan that included layoffs of around 4,000 employees, which was about 5% of its global workforce. (Source: CNBC)
• In August 2022, Cisco laid off around 1,100 employees, primarily in its sales and engineering teams. (Source: Bloomberg)
• In May 2022, Cisco announced a plan to cut around 1,500 jobs, which was about 2% of its global workforce. (Source: The Information)

Reasons for Layoffs:

• Cisco has been facing increased competition in the networking and cybersecurity markets, which has led to a decline in revenue and profitability.
• The company has been undergoing a transformation to focus on software and services, which has required significant changes to its workforce and operations.
• Cisco has also been dealing with the impact of the COVID-19 pandemic, which has disrupted global supply chains and affected demand for its products and services.

Impact on Employees:

• The layoffs have affected employees across various departments, including sales, engineering, and operations.
• Many employees have been offered severance packages, including outplacement assistance and career transition support.
• The layoffs have also led to concerns about the future of certain product lines and business units within Cisco.

Reactions from Analysts and Investors:

• Analysts have praised Cisco's efforts to transform its business and reduce costs, but have also expressed concerns about the impact of the layoffs on employee morale and customer relationships.
• Investors have been mixed in their reactions, with some welcoming the cost-cutting measures and others expressing concerns about the potential impact on the company's long-term growth and competitiveness.

Quotes from Cisco Executives:

• "We are taking bold action to drive growth, improve profitability, and position Cisco for long-term success." - Chuck Robbins, CEO of Cisco
• "We are committed to supporting our employees through this transition and are providing resources to help them navigate their next steps." - Rebecca Jacoby, EVP and CFO of Cisco

Please note that the information provided is based on publicly available news articles and may not reflect the most up-to-date information.