Cisco has cut neary 700 jobs in the US, two executives let go

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Networking giant Cisco has cut nearly 700 jobs in the US, media reports said. The job cuts have affected employees working in the Bay Area and the employees include two vice presidents and 80 workers at its San Francisco offices.

Cisco laid off a total of 673 workers as part of a “limited business restructuring” announced in November last year. Reportedly, 371 workers have been fired from the company’s headquarters and 222 workers, which includes primarily engineers and technical employees, were asked to leave its Milpitas office.

The job cuts come after the company posted its largest quarterly revenue total in its history during the first fiscal quarter of 2023. While it is unclear whether Cisco will conduct more layoff rounds, it was reported last year that Cisco will lay off 5% of its workforce, or more than 4,000 employees.

Rightsizing certain businesses: CEO
In December, Cisco chairman and CEO Chuck Robbins said the company would “be reluctant to go into a lot of detail here until we’re able to talk to them. I would say that what we’re doing is rightsizing certain businesses,” he said. “You can just assume that we’re going to – we’re not actually – there’s nothing that’s a lower priority, but we are rightsizing certain businesses,” he told the analysts.

“Rebalancing” act, said CFO
Cisco chief financial officer Scott Herren described the job cuts as a “rebalancing” act. “Don’t think of this as a headcount action that is motivated by cost savings. This really is a rebalancing. As we look across the board, there are areas that we would like to invest in more, Chuck just talked about them. Security, our move to platforms and more cloud-delivered products,” Herren said during the company’s earnings call.

Source – https://www.gadgetsnow.com/tech-news/cisco-has-cut-neary-700-jobs-in-the-us-two-executives-let-go/articleshow/96816450.cms

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