Cisco to cut thousands of jobs: Report

Cisco (CSCO) is planning to cut thousands of jobs in a second round of layoffs, according to a Reuters report. The tech giant is set to report its fiscal fourth quarter results on Wednesday, August 14, after the market close.

Market Domination Hosts Josh Lipton and Madison Mills break down the news and the state of layoffs in the tech sector.

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This post was written by Melanie Riehl

Video Transcript

Moving on switching gears to Cisco system.

That company reportedly planned to cut thousands of jobs in a second round of layoffs this year.

So Cisco plan to eliminate, um, let's see, this is according to Reuters, by the way, um uh thousands of jobs, all the Cisco's moves to cut about 4000 jobs in February.

The company does have about 85,000 jobs at least that was at the end of fiscal 23 just to put some of these numbers in context.

Um This is of course not the only big tech name we've heard making these kind of cuts until matty, we saying it's going to be slashed about 15,000 jobs.

Um And apparently the job cuts could be announced as early as Wednesday, which when the company scheduled to report earnings, I think the use of the word thousands is so critical there, Josh, because we saw the stock sell off really reversing in a relief rally driven by just a 7000 myths.

When it came to the number of people applying for unemployment, just 7000 people didn't do it.

And that is what led to the relief rally that we saw over the course of this week.

Now, we're hearing Cisco potentially laying off thousands of people.

We don't know the exact number yet, but that is certainly going to potentially be a contributor to the jobless picture that is causing a lot of concern for the street and also in the broader tech industry.

I have a stat here showing that over 125,000 layoffs have occurred over nearly 400 companies this year just in the tech space.

And of course, we know Intel, a huge contributor to that as well.

Yes, Cisco, you know, we know is the networking equipment giant under Chuck Robbins.

They've expanded, you know, much harder into software and services.

The stock, not great down about 10% now this year.