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Cisco lays off practically 700 staff in SF Bay Space in US

ByEditorialTeam

Jan 9, 2023

San Francisco: Networking large Cisco has laid off practically 700 positions within the Bay Space — together with 80 at its San Francisco places of work.

In keeping with SFGATE, the tech firm has laid off a complete of 673 employees as a part of a “restricted enterprise restructuring” introduced in November final yr.

“At its headquarters, 371 employees have been affected, together with two Cisco vice presidents,” the report mentioned late on Friday.

On the Milpitas workplace, 222 employees have been requested to go, primarily engineers and technical staff.

It’s, nonetheless, unclear whether or not Cisco will conduct extra layoff rounds.

The networking main is reportedly shedding 5 per cent of its workforce, or greater than 4,000 staff.

Greater than 52 per cent of its world workers is positioned exterior of the US.

Becoming a member of the Large Tech layoff season, networking main Cisco in November introduced layoffs in a “rebalancing” act whereas “rightsizing sure companies”.

Cisco had mentioned in a press release that “we did not take this determination flippantly, and we are going to provide these impacted by in depth assist, together with beneficiant severance packages”.

In its first quarter incomes report (Q1 2023), Cisco reported $13.6 billion in income, up 6 per cent yr over yr.

Chuck Robbins, Chairman and CEO of Cisco, didn’t disclose any element on shedding staff, saying he would “be reluctant to enter loads of element right here till we’re in a position to discuss to them. I might say that what we’re doing is rightsizing sure companies”.

“You may simply assume that we’ll — we’re not truly — there’s nothing that is a decrease precedence, however we’re rightsizing sure companies,” he had advised the analysts.

Cisco Chief Monetary Officer Scott Herren had described the transfer as a “rebalancing” act.



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