Cisco Announces Layoffs Despite Yearly Profit of $103 Billion
Second Round of Job Cuts This Year
Cisco, the San Jose tech giant, has announced plans to lay off thousands of workers for the second time this year. The networking and telecommunications company, with 84,900 employees as of July 2023, would cut approximately 5,900 jobs based on this figure.
In February, Cisco announced plans to lay off hundreds of workers in two San Francisco Bay Area cities next month, according to state filings.
Financial Performance
Despite the layoffs, Cisco reported a yearly profit of $103 billion.
During its fiscal second quarter covering October-January, Cisco earned $26 billion, or 65 cents per share, a 5% increase compared to the same period last year.
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