Cisco latest firm to announce job cuts; 2024 tech layoff tally hits 35,000

The United States technology giant Cisco Systems joined the queue of its peers in announcing thousands of job cuts as part of its major restructuring bid. The firm, which is the largest maker of computer networking equipment, said on Wednesday that it will lose about 5 per cent or 4,000 employees of its global workforce.

The restructuring will cost about $500 million, Cisco noted.

As of 2023, Cisco had about 85,000 employees. The development followed after Cisco encountered a sales growth slowdown amid lower technology spending. The company said that it’s been hit by a temporary “pause” in orders from customers who are busy installing equipment they’ve already acquired.