California tech giant to slash 7% of its workforce impacting thousands of workers

The move, detailed in a filing with the Securities and Exchange Commission, is expected to impact at least 5,500 employees.Photo byJames YaremaonUnsplash

Cisco Systems announced Wednesday that it will lay off 7% of its workforce, marking the second round of significant job cuts for the San Jose-based tech giant this year.

The move, detailed in a filing with the Securities and Exchange Commission, is expected to impact at least 5,500 employees, following the company’s previous reduction of around 4,000 jobs in February.

Despite the layoffs, Cisco reported a $10.3 billion profit for the last fiscal year, although total revenue slightly decreased to $53.8 billion compared to the previous year. The latest cuts come as part of a broader strategy to streamline operations amid a challenging economic environment.