A company may lay off employees due to various reasons like changes in market conditions, shifts in business strategy, cost-cutting measures, and organizational restructuring to stay competitive and adapt to evolving industry dynamics.
On February 14, 2024, Cisco recently announced that they are laying off more than 4000 (approx 4200) employees, which is 5% of the workforce.
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Meanwhile, Cisco, a US-based IT corporation, is realigning its organization to facilitate further investment in critical priority areas.
Cisco is headquartered in San Jose, California, and currently, it maintains over 84,900 employees in its global workforce.
The organization is presently verifying the precise number of workers whom the upcoming layoffs will impact.
The layoffs are anticipated to occur in the current quarter. However, the corporation has not yet provided a timeframe, but it’s assumed that it could be made as early as next week.
The surge in tech layoffs sparked job security fears amid economic ups and downs. Since January 2024, nearly 144 companies have announced layoffs, including tech giants like Google, Microsoft, SAP, and Amazon.
Cisco unveiled Q2 revenue of $12.8 billion, following a 5% workforce cut in 2022, costing $600 million.
Besides this, Cisco declined to comment amid industry-wide job cuts by Nokia and Ericsson in 2023. Following its prior projection, Cisco lowered its estimate from $53.8 billion to $55 billion and from $51.5 billion to $52.5 billion.
Cisco partnered with Nvidia to actively leverage AI by focusing on ethernet for data centers.
Here’s what the chair and CEO of Cisco stated:-
“We delivered a solid second quarter with strong operating leverage and capital returns. We continue to align our investments to future growth opportunities. Our innovation sits at the center of an increasingly connected ecosystem and will play a critical role as our customers adopt AI and secure their organizations.“
Problems like supply chain disruptions and a post-pandemic deceleration in demand forced the company to accelerate its transition.
Moreover, the company believes they are progressing well with this new business model shift.
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