Cisco to cut thousands of jobs: report

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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.