Cisco to Cut Thousands of Jobs in Second Round of Layoffs This Year
Reuters Reports Networking Equipment Maker Shifting Focus to Higher-Growth Areas
Nearly 2,000 Jobs Affected, Mostly in Engineering Roles
Cisco Systems, Inc. (CSCO) announced plans to eliminate thousands of jobs in a second round of layoffs this year, as the company shifts its focus to higher-growth areas.
According to Reuters, the layoffs are expected to affect approximately 2,000 employees, primarily in engineering roles. The move comes as Cisco looks to streamline its operations and align its workforce with its strategic priorities.
Cisco's previous round of layoffs occurred in May 2023, when the company announced plans to cut approximately 5,000 jobs. The company has been facing challenges in recent months due to the ongoing global economic slowdown and increased competition in the networking equipment market.
The latest round of layoffs is expected to be announced next week, according to Reuters. The company is reportedly offering severance packages and outplacement services to affected employees.
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