Following Cisco’s announcement of a second round of layoffs this year, employees say they will remain uncertain about their status for nearly a month
Reuters reported earlier this month that Cisco was preparing for a second round of redundancies this year following the departure of approximately 4,000 employees in February. A SEC filing last week verified that Cisco is reducing its workforce by 7%.
According to multiple Cisco employees, although employees have been informed that there will be a new round of job cuts, the company has declined to notify affected workers until September 16.
“This has evolved into the most toxic work environment I have ever encountered, and the atmosphere is as bleak as I have ever observed, as evidenced by the comments on internal platforms.
A Cisco employee, who requested anonymity to prevent retaliation, informed TechCrunch, “I am only waiting until my next big [Restricted Stock Unit] vest to leave, and I know others are too.” “Two layoffs of this magnitude in the same calendar year are unthinkable.”
Another employee requested anonymity and stated that Cisco “must face annual layoffs and concentrate on revenue generation and innovation.”
Cisco”did not respond to a request for comment.
The San Jose, California-based company has announced its second round of cutbacks in response to its lower-than-anticipated earnings for the year. Specifically, its net income for the quarter was down by 45% compared to the previous year.
Revenue decreased by approximately 10% to roughly $13.6 billion in the fourth quarter.
The company’s CEO, Chucompany’ss, stated that Cisco had a “strong close to f”scale 2024.” The company’s fi”ings company that Robbins received $31.8 million in executive compensation in 2023.