Cisco employees face a month of silence ahead of second layoff in 2024
Cisco plans a second layoff this year, impacting 7% of its workforce, with details revealed in mid-September.
: Cisco is undergoing a second round of layoffs in 2024, which will affect 7% of its workforce. Employees will not know if they are impacted until September 16. The company reported a drop in revenue and net income, with its CEO earning $31.8 million in 2023.
Cisco has announced a second round of layoffs in 2024, following an earlier cut of 4,000 employees in February. This new round will affect 7% of the company's workforce, though details about who will be impacted won't be disclosed until September 16.
Employees describe the work environment as increasingly toxic, with many planning to leave after their Restricted Stock Units vest. The decision comes amid a difficult fiscal year for Cisco, reporting a 45% drop in net income and a 10% decrease in revenue for the fourth quarter, totaling $13.6 billion.
Despite these financial setbacks, CEO Chuck Robbins described the year as having a