Cisco, the U.S. technology and networking giant, has implemented its second round of layoffs in 2024, impacting thousands of employees. The company announced in August a 7% reduction in its workforce, equating to approximately 5,600 jobs. This follows an earlier round in February when around 4,000 employees were laid off.
According to reports by “TechCrunch“, Cisco employees disclosed that the company delayed informing those affected by the layoffs until September 16, without providing a clear explanation for the delay. One employee described the current work environment at Cisco as the “most toxic” they had experienced.
The layoffs have also extended to Talos Security, Cisco’s threat intelligence and security research division.
In an August statement, Cisco explained that the job cuts would enable the company to invest in key growth areas and improve efficiency. This announcement coincided with the release of the company’s full-year earnings report, where Cisco reported $54 billion in annual revenue, making 2024 its “second strongest year on record.”
Despite these layoffs, Cisco’s CEO Chuck Robbins earned nearly $32 million in total compensation for 2023, according to company filings. When contacted, Cisco spokesperson Lindsay Ciulla declined to comment on whether the executive leadership team would reduce their compensation packages in light of the workforce reductions.
