Global networking giant CISCO will lay off 350 employees.

[ad_1]

San Francisco (Uttam Hindu News): Global networking giant Cisco is laying off 350 employees in Silicon Valley in the US next month in its latest round of job cuts. The company disclosed this in a filing with the California Employment Development Department, Market Watch reports. Cisco will lay off 227 people in San Jose and another 123 in nearby Milpitas, California, starting Oct. 16.

The company had announced cuts of about four thousand jobs, about 5 percent of its workforce, in November 2022. It laid off about 700 Silicon Valley employees in March, according to state filings. In July, Cisco initiated another round of layoffs affecting employees across business units.

The company said in a statement that these “recent notifications are part of a rebalancing effort initiated in November 2022, including a limited restructuring affecting approximately 5 percent of our real estate portfolio and our workforce.” The layoffs in November were part of a $600 million restructuring plan.

“This rebalancing is about prioritizing investment in our transformation, meeting and exceeding our customers’ expectations in a changing technology landscape,” the company said. In its fourth-quarter results in August, the IT networking company said its revenue rose 16 percent year-on-year to $15.2 billion.

Leave a Reply

Your email address will not be published. Required fields are marked *