American technology company Cisco will cut about 5,600 employees, representing 7% of its total workforce. Previously, in February 2024, the company laid off 4,000 people. According to employees, Cisco until recently refused to say who would be affected by the cuts, and did so with almost a month’s delay, without explaining the reasons. One employee said the work environment at Cisco was “the most toxic” he had ever encountered.
Image source: Cisco
Cisco said in August that a second wave of layoffs this year would allow the company to “invest in key growth opportunities and improve efficiency.” At the same time, the company released its annual earnings report, in which it said that 2024 was its “second best year ever,” reporting about $54 billion in annual revenue.
The layoffs also reportedly affected Talos Security, the company’s threat intelligence and security research division.
Cisco CEO Chuck Robbins received about $32 million in total executive compensation in 2023, according to company filings.
A Cisco representative declined to comment on the situation and did not say whether the company’s management plans to reduce its compensation packages amid mass layoffs.