Cisco starts laying off employees, company to cut 4,000 jobs: Reports

Cisco becomes the latest company to start laying off its employees. The networking major has reportedly started laying off 5% of its workforce, which is about 4,000 employees. The impacted workers have taken to various portals for referrals and job openings.
A report in the Silicon Valley Business Journal mentions that the laid-off employees have gone to TheLayoff.com and Blind portal to post about their job cuts.
Impacted by Cisco layoffs!” one company employee said on Blind. “Looking for immediate (software engineering) referrals. Any help would be sincerely appreciated. Thanks,” the affected employee added.
“Some asked for tips on new jobs, while some respondents wanted information about the severance packages the company was offering,” the report says.

Cisco layoffs a “rebalancing” act
Reports about job cuts at Cisco first surfaced last month. It was claimed that the networking giant “is gearing up to lay off over 4,000 employees in a rebalancing act” while “rightsizing certain businesses”.
Earlier, Cisco said in a statement that the company “didn’t take this decision lightly, and we will offer those impacted by extensive support, including generous severance packages”.
Cisco chairman and CEO Chuck Robbins confirmed the job cuts but did not share any details on the same. We would “be reluctant to go into a lot of detail here until we’re able to talk to them. I would say that what we’re doing is rightsizing certain businesses,” he said.
“The people’s impact is difficult … it’s always a difficult decision, but we have a lot of opportunity,” he added.
Q1 2023 revenue up
The job cuts come about 45 days after the company posted its largest quarterly revenue total in its history during the first fiscal quarter of 2023 (Q1 2023) which ended October 29. Cisco’s revenue climbed 6% to $13.63 billion compared to $12.90 billion in the same period a year ago.