Cisco axing thousands of workers: report

Cisco is planning to cut thousands of jobs as it restructures its business, according to a report. 

The San Jose, California-based network giant is trying to turn its focus on high-growth areas, sources familiar with the matter told Reuters. However, the exact number of layoffs hasn’t been determined yet, a source said.

As of July 2023, the company had approximately 84,900 employees globally, according to the company’s annual report.

LAYOFFS SURGED 136% IN JANUARY TO SECOND-HIGHEST LEVEL ON RECORD

Representatives for Cisco have not immediately responded to FOX Business’ request for comment.

This isn’t the first time the company laid off employees. Cisco cut about 5% of its global workforce in 2022, Reuters reported.

Cisco Systems headquarters in San Jose, California, US, on Monday, Aug. 14, 2023.  (David Paul Morris/Bloomberg via Getty Images / Getty Images)

It marks the latest in a string of layoffs that have been announced since the beginning of the year. 

THE NUMBER OF HIGH-PAYING JOBS IS DWINDLING

Globally, about 141 tech companies have already cut over 34,000 jobs, according to Layoffs.fyi. 

However, companies across a variety of industries, from media to Wall Street, have also announced layoffs in recent weeks amid ongoing inflation and high interest rates.   

According to a report from Challenger, Gray & Christmas, companies planned 82,307 job cuts in January. That’s up 136% from the prior month and the second-highest layoff total for the month of January in data since 2009.

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However, that is down about 20% from the same time one year ago. 

FOX Business’ Megan Henney contributed to this report.