Cisco Cuts 5% of Staff Amid $600M Restructuring

Networking giant Cisco has begun trimming its headcount as part of a company-wide restructuring.

In its Q1 2023 earnings release on Nov. 16, the company announced $600 million in severance pay, one-time termination benefits, and other charges related its restructuring plan.

The move is expected to affect approximately five per cent of Cisco’s workforce as the company focuses on its enterprise networking and security businesses.

“This is not about reducing our workforce — in fact we will have roughly the same number of employees at the end of this fiscal year as we had when we started,” Cisco said in a statement to Reuters.

The company employs a global workforce of more than 101,000 people, according to LinkedIn.

Canadian impact

Cisco didn’t disclose how many Canadian employees are affected by the latest round of cuts.

The company has offices in major cities across the country, including Toronto, Calgary, and Vancouver.

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