Cisco says its cutting 5% of global workforce, amounting to over 4,000 jobs

▤ Summary

Cisco announced plans to cut 5% of its workforce on Wednesday, a decision that will result in the elimination of about 4,250 jobs. Its 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. In addition to disclosing the job cuts, Cisco reported strong fiscal second-quarter results but gave a light forecast. The company has yet to close its $28 billion acquisition of monitoring and security software maker Splunk .

▦ Linked Companies

Cisco

$1B+