• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Sunday, May 18, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Business

Tech giant Cisco layoff more than 4000 employees

by Thomas Babychan
December 14, 2022
in Business, Markets, News, Tech, Trending, World
Reading Time: 2 mins read
0
Govt of Gujarat And Cisco to implement digital Skills and training
TwitterWhatsappLinkedin

According to the latest reports, San Jose-based American Multinational tech conglomerate, Cisco has reportedly started laying off more than 4000 employees as part of cutting down costs and extra expenses. The tech company had a few weeks ago announced that it will be conducting a mass layoff soon. If reports are correct, Cisco is now laying off nearly 5 per cent of its entire workforce.

You might also like

The Best Memorial Day Tech Deals of 2025: Big Savings on Apple, Amazon, Dyson, and More

Xiaomi to Launch First High-End Self-Developed Mobile Chip as It Reenters the Silicon Race

Epic Games Asks Judge to Force Apple’s Hand in Fortnite App Store Battle

There is unverified information that Cisco workers have started to discuss tips for new jobs, and severance package details on TheLayoff.com and the anonymous professional networking site Blind. Cisco has reportedly informed employees that they are going to be laid off from the company.

Cisco is not the first American tech giant to lay off employees in large numbers. Multinational conglomerates such as Meta, Amazon, Twitter, Lenovo, Salesforce, and Adobe had earlier laid off thousands of employees as part of cutting costs. Reducing revenue and surging costs of operations had put huge pressure on the financials of tech companies.

Statistics suggest that nearly 2 lakh tech employees have lost their jobs over the last 12 months.

As analysts are now talking about the possibility of a recession in the United States by mid-2023, tech companies are bracing for the same by taking monetary and non-monetary action. The companies have also been suffering a decline in stock prices due to high volatility in the global capital markets.

Cisco had last month reportedly decided to lay off five per cent of its workforce, totaling around 4,000 people.

A report in the Silicon Valley Business Journal said the company has decided to take this step in a ‘rebalancing’ act while ‘rightsizing certain businesses.’

Chuck Robbins, Chairman and CEO of Cisco
Chuck Robbins, Chairman and CEO of Cisco

The report added that Chuck Robbins, the Chairman and CEO of Cisco “did not divulge any detail on laying off employees, saying he 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.”

The report further quotes the Chairman and CEO as saying, “You can just assume that we’re going to-we’re not actually-there’s nothing that’s a lower priority, but we are rightsizing certain businesses.”

The stock of Cisco Systems Inc, listed on NASDAQ with CSCO ticker rose by 0.69% on Tuesday to conclude trading at 49.64 US Dollars per share. In the last 12 months, the stock value has declined by nearly 14.07%.

Tweet54SendShare15
Previous Post

Binance CEO might be charged with money laundering

Next Post

Instagram launches ‘Candid Stories’ feature

Thomas Babychan

Thomas Babychan is an experienced business and economic journalist with a focus on international trade, stock market, banking, and multilateral organizations. He also has expertise in international relations and diplomacy.

Recommended For You

The Best Memorial Day Tech Deals of 2025: Big Savings on Apple, Amazon, Dyson, and More

by Anochie Esther
May 18, 2025
0
Memorial Day

As Memorial Day approaches, many Americans prepare for backyard barbecues, summer getaways, and a well-earned long weekend. But beyond the grilled burgers and fireworks, Memorial Day has quietly...

Read more

Xiaomi to Launch First High-End Self-Developed Mobile Chip as It Reenters the Silicon Race

by Anochie Esther
May 18, 2025
0
Xiaomi

In a bold move that marks a new chapter in its technological evolution, Chinese electronics giant Xiaomi has announced plans to unveil its latest self-developed mobile processor, the...

Read more

Epic Games Asks Judge to Force Apple’s Hand in Fortnite App Store Battle

by Anochie Esther
May 18, 2025
0
Epic games

The long-running feud between Epic Games and Apple has taken yet another dramatic turn. Epic, the developer behind the global gaming phenomenon Fortnite, is now asking a federal...

Read more
Next Post
Instagram launches ‘Candid Stories’ feature

Instagram launches 'Candid Stories' feature

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?