Networking giant Cisco has confirmed in a filing with the Securities Exchange Commission (SEC) that it is eliminating 7 percent of its global workforce as it begins a restructuring plan.
Cisco's layoffs represent 7 percent of the workforce
Switchzilla currently employs nearly 85,000 people — meaning about 6,000 employees are about to get some bad news.
"Cisco currently estimates that it will recognize pre-tax charges to its GAAP financial results of up to $1 billion consisting of severance and other one-time termination benefits and other costs," the company said. It expects to recognize $700 million to $800 million of those charges in the first quarter of 2025, while the rest will be played out in the fiscal year.
Word of the layoffs circulated earlier this week and will represent the second major round this year. In February, Cisco cut about 4,000 jobs.
