Cisco to cut ‘thousands’ more in second round of layoffs this year: report
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- Cisco Systems (NASDAQ:CSCO) is set to let go “thousands” of employees later this year in what would mark the networking giant’s second round of employee cutbacks this year, Reuters reported.
- The number of people impacted by the layoffs could be similar or “slightly higher” than the 4,000 employees, or roughly 5% of the company’s workforce, that were let go in February, the news outlet added, citing people familiar with the matter.
- The cuts could be announced in conjunction with Cisco’s fiscal fourth-quarter results, which are slated to be released after the close of trading on Wednesday. A consensus of analysts expect Cisco to earn $0.85 per share on $13.54B in revenue for the quarter.
- Cisco did not immediately respond to a request for comment from Seeking Alpha.
- Shares of the San Jose, Calif-based Cisco were down 0.7% in early trading on Friday.