Report: Cisco to lay off thousands in second big jobs cut of 2024

RALEIGH, N.C. — Cisco plans to lay off thousands of additional workers this year, according to a Reuters report, in what will be the third significant round of jobs cut at the company in the past 24 months.

Citing people “familiar with the matter,” Reuters wrote over the weekend that Cisco will further reduce staff as the network products maker increasingly focuses on sectors like cybersecurity and artificial intelligence.

Since opening its Research Triangle Park facility in 1995, Cisco has been a major area presence. Its local headcount is in the thousands, and the North Carolina Department of Commerce lists the California-based company as Durham County’s fourth-biggest employer. Yet a pair of 5% companywide staff reductions — announced in late 2022 and February 2024 — hit Cisco workers worldwide and in the Triangle.

As of July 2023, Cisco employed 84,900 people globally. Reuters reported the total number of incoming cuts will be similar to or “slightly higher” than the 4,000 workers the company laid off earlier this year.

Using their company’s internal lingo, many Cisco employees refer to layoffs as “LR,” short for “limited restructuring.” Multiple anonymous posts Monday on the online forum TheLayoff.com referenced concern over how upcoming LR at Cisco will be conducted and which divisions might be affected.

The company did not immediately respond to The News & Observer’s request for details on the reported cuts. But clarity could be coming soon; on Wednesday afternoon, Cisco CEO Chuck Robbins is scheduled to lead a quarterly earnings call with investors.

Cisco has comparatively struggled on the stock market this year, with shares down 11% since January compared to overall growth in technology stocks. The company is one of several in the sector to conduct layoffs in 2024, with reductions made at Intel, Dell, IBM, Google and Microsoft, among many others.

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