Earnings

Cisco says it’s cutting 5% of workforce, amounting to over 4,000 jobs

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Chuck Robbins, Cisco CEO & Chairman, at the WEF in Davos, Switzerland on May 25th, 2022.

Adam Galica | CNBC

Cisco announced plans to cut 5% of its workforce on Wednesday, a decision that will result in the elimination of about 4,250 jobs. Shares were down 5% in extended trading.

It’s the latest tech company to downsize in 2024, as the industry continues to squeeze out costs following the market downturn that hit two years ago. January was the busiest month for job cuts in the industry since March, as Alphabet, Amazon, Microsoft and SAP all said they were eliminating positions, as did eBay Unity and Discord. So far this year, 144 tech companies have laid off almost 35,000 workers, according…



Source cnbc.com

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