‘Aligning to Future Growth’: Cisco to Cut 4,000+ Jobs in Q2 Restructuring

Cisco is laying off approximately five per cent of its total workforce – affecting more than 4,000 jobs.

What’s happening at Cisco?

In its Q2 2024 earnings release, the tech giant said the job cuts will help “realign the organization and enable further investment in key priority areas.”

“We continue to align our investments to future growth opportunities,” CEO Chuck Robbins said in the release.

“Our innovation sits at the centre of an increasingly connected ecosystem and will play a critical role as our customers adopt AI and secure their organizations.”

Cisco is anticipating pre-tax restructuring charges of approximately US$800 million — consisting of severance and other one-time termination benefits.

“[We expect] to take the majority of these actions in the third quarter of fiscal 2024 and recognize approximately US$500 million of these charges.”

The company reportedly employs a total workforce of approximately 85,000 people.

SEE ALSO
• Cisco cutting 5% of staff amid $600M restructuring
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Impact in Canada

It remains unclear if any Canadian employees are affected by the latest round of job cuts at Cisco.

According to the company’s LinkedIn page, it has more than 2,300 workers in the country.

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