Cisco confirms major job cuts as revenues fall

Date:
Thu, 15 Aug 2024 08:35:29 +0000

Description:
Major cuts are the second such action for Cisco in 2024.

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Cisco has confirmed major job cuts as the networking giant continues to address recent struggles and rising costs.

The company has revealed 7% of its global workforce will be cut, equivalent
to thousands of jobs, after sales and revenue fell once again.

In its Q4 2024 results , Cisco revealed revenues of $13.6 billion, a decrease of 10% year on year, with total revenue for the whole 2024 financial year reaching $53.8 billion - a decrease of 6% year on year. Cisco job cuts

The news, which confirms reports from just a few days ago , is the second round of major layoffs at Cisco in 2024 as the company aims to improve efficiency and productivity.

In February 2024, it laid off 5% of its global workforce - which at the time was equivalent to around 4,250 jobs, and also cut 4,100 workers in November 2022.

Cisco has also spent big on acquisitions in recent months, finalizing its purchase of data analytics experts Splunk in March 2024 for around $28bn, so the jobs cuts could well be an after-effect of cutting costs due to this
deal.

Other major players in the technology sector, including Amazon, Google, and Microsoft have all carried out similar job cuts recently as a direct result
of troubling economic conditions and other related factors.

Most recently, Dell revealed plans to cut around 10% of its workforce as part of plans to "streamline layers of management". Intel also announced its plan to cut 15,000 roles as it aims to turn around what has been a challenging
year so far.

Tracking website layoffs.fyi claims over 130,000 roles have been cut in 2024 so far, with more doubtless to come in the near future.

TechRadar Pro has asked Cisco for comment, but the company did not
immediately respond. More from TechRadar Pro Worried about the news? Here are the best job sites and best recruitment platforms Cisco has a plan to restructure your business security as you know it Check out our roundup of
the best productivity tools



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Link to news story: https://www.techradar.com/pro/cisco-confirms-major-job-cuts-as-revenues-fall


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