Cisco Systems to lay off more than 4,000 workers

Cisco Systems, a pioneer in internet networking, is set to lay off more than 4,000 employees, aligning with the current trend in the technology industry.

This move, announced in conjunction with Cisco’s latest quarterly results on Wednesday, accounts for approximately 5% of its global workforce, which totals 84,900.

The layoffs come after Cisco’s earlier cutbacks in late 2022, which saw 5,000 job reductions.

The workforce reduction anticipates Cisco’s upcoming $28 billion acquisition of Splunk, a deal slated for completion by April 30. Known for its role in internet connectivity technology, Cisco foresees additional costs of $800 million for its reorganization, the Associated Press reported.

READ MORE: https://finance.yahoo.com/news/cisco-systems-lay-off-more-224328384.html

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