Cisco is readying to trim thousands of jobs arsenic it restructures its business, according to a report.
The San Jose, California-based web elephantine is trying to move its attraction connected high-growth areas, sources acquainted pinch nan matter told Reuters. However, nan nonstop number of layoffs hasn't been wished yet, a root said.
As of July 2023, nan institution had astir 84,900 labor globally, according to nan company's yearly report.
LAYOFFS SURGED 136% IN JANUARY TO SECOND-HIGHEST LEVEL ON RECORD
Representatives for Cisco person not instantly responded to FOX Business' petition for comment.
This isn't the first clip nan institution laid disconnected employees. Cisco trim astir 5% of its world workforce successful 2022, Reuters reported.
It marks nan latest successful a drawstring of layoffs that person been announced since nan opening of nan year.
THE NUMBER OF HIGH-PAYING JOBS IS DWINDLING
Globally, astir 141 tech companies person already trim complete 34,000 jobs, according to Layoffs.fyi.
However, companies crossed a assortment of industries, from media to Wall Street, person besides announced layoffs successful caller weeks amid ongoing ostentation and precocious liking rates.
According to a study from Challenger, Gray & Christmas, companies planned 82,307 occupation cuts successful January. That's up 136% from nan anterior period and nan second-highest layoff full for nan period of January successful information since 2009.
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However, that is down astir 20% from nan aforesaid clip 1 twelvemonth ago.
FOX Business' Megan Henney contributed to this report.