Tech giant Cisco said it would be laying off workers for the second time this year. Employees told Parhlo World that they won’t know if they are affected for about a month.
Reuters said earlier this month that Cisco was going to fire another 4,000 workers this year. This comes after the company fired these workers in February. In a filing with the SEC last week, Cisco revealed that it is letting go of 7% of its staff.
Even though employees have been told that more jobs will be cut, the company has refused to tell those affected until September 16, according to several Cisco employees.
The mood is the darkest I’ve ever seen it, as shown by comments on internal platforms. This is the most toxic place to work I’ve ever been in. A Cisco worker who did not want to be named because they were afraid of punishment told Parhlo World, “I’m only waiting until my next big [Restricted Stock Unit] vest to leave, and I know others are too.” “It’s totally unacceptable to lay off this many people in the same year.”
Another worker who also wanted to remain unnamed said, “Cisco needs to stop laying people off every year and work on coming up with new ideas and making more money.”
Cisco did not answer when asked for a response.
The San Jose, California-based company said it was letting go of two more employees because it had lower-than-expected earnings for the year. Its net income for the quarter was 45% less than the same time last year. To about $13.6 billion in the fourth quarter, sales went down about 10%.
Also Read: Intel is Going to Let Go of 15,000 Workers
The CEO of the company, Chuck Robbins, said that Cisco had a “strong close to fiscal 2024.” The company’s records show that Robbins made a total of $31.8 million as an executive in 2023.
What do you say about this story? Visit Parhlo World For more.
