Cisco, the networking behemoth, is apparently letting off roughly 4,000 employees, or about 5% of its workforce, in a "rebalancing" act while "rightsizing key businesses." According to the Silicon Valley business Journal, the decision will result in around 4,100 job cuts at Cisco, which employs 83,000 people worldwide. Cisco announced $13.6 billion in revenue in its first quarter earnings report (Q1 2023) this week, a 6% increase year over year.
Cisco Chairman and CEO Chuck Robbins declined to comment on layoffs, saying he would do so later "Be hesitant to get into great depth until we can speak with them. I would say that we are legalising certain enterprises ". "You can just think we're going to — we're not actually — there's nothing lower priority, but we are rightsizing certain businesses," he told analysts. Cisco Chief Financial Officer Scott Herren called the action a "rebalancing."
"Consider this a cost-cutting action, not a headcount reduction. This is a true rebalancing. As we look across the board, there are some areas where we would like to invest more heavily, as Chuck mentioned. Security, our shift to platforms, and the expansion of cloud-delivered products "During the company's results call, Herren stated. He claims that the amount of jobs that the company has created in the places where it is attempting to invest is "only slightly lower than the number of individuals that we estimate will be impacted."
"We will work very hard to help match our employees to those roles to the extent that there is a skill match. So we're going to put in a lot of effort there "stated the company's CFO
Cisco Chairman and CEO Chuck Robbins declined to comment on layoffs, saying he would do so later "Be hesitant to get into great depth until we can speak with them. I would say that we are legalising certain enterprises ". "You can just think we're going to — we're not actually — there's nothing lower priority, but we are rightsizing certain businesses," he told analysts. Cisco Chief Financial Officer Scott Herren called the action a "rebalancing."
"Consider this a cost-cutting action, not a headcount reduction. This is a true rebalancing. As we look across the board, there are some areas where we would like to invest more heavily, as Chuck mentioned. Security, our shift to platforms, and the expansion of cloud-delivered products "During the company's results call, Herren stated. He claims that the amount of jobs that the company has created in the places where it is attempting to invest is "only slightly lower than the number of individuals that we estimate will be impacted."
"We will work very hard to help match our employees to those roles to the extent that there is a skill match. So we're going to put in a lot of effort there "stated the company's CFO
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