Cisco Systems to Lay Off 7% of Workforce
Company Announces Second Round of Job Cuts
Thousands of Workers Worldwide to Be Impacted
Cisco Systems, one of the largest makers of computer networking equipment, announced on Wednesday that it is planning to lay off 7% of its employees. This is the company's second round of job cuts this year.
The layoffs will impact thousands of workers worldwide, including in the San Francisco Bay Area, where Cisco is headquartered. The company said the cuts are necessary to reduce costs and improve efficiency.
"These decisions are never easy, and we do not take them lightly," Cisco CEO Chuck Robbins said in a statement. "We are committed to treating our employees with respect and compassion, and we will provide them with support during this transition."
Cisco's layoffs are the latest in a series of job cuts by major tech companies. In recent months, Amazon, Meta, and Microsoft have all announced plans to lay off thousands of employees.
The tech industry has been hit hard by the recent economic downturn. As businesses reduce their spending, demand for tech products and services has declined. This has led to a slowdown in hiring and, in some cases, layoffs.
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