Cisco cuts about 4,000 jobs after reporting record Q3 revenue
Cisco said in August 2024 that it would cut about 4,000 jobs, or roughly 5% of its workforce, after reporting record quarterly revenue and double-digit growth for its fiscal third quarter.
TL;DR
- Cisco said it would cut around 4,000 jobs.
- The reduction equals about 5% of Cisco's workforce.
- The announcement followed record quarterly revenue in fiscal Q3.
- Cisco linked its direction to a stronger focus on AI.
Cisco announced the workforce reduction after posting record revenue for its fiscal third quarter. The reported cut affects about 4,000 employees, which the company said is approximately 5% of its total workforce.
The reported financial result was record quarterly revenue, alongside double-digit growth in the same quarter. The job cuts therefore came despite positive top-line performance in Cisco's latest reported quarter.
The report said Cisco framed the layoffs in the context of a pivot toward AI. The source did not provide further operational detail in the supplied text about which business units, countries, or roles would be affected.
Related questions
- How many jobs is Cisco cutting in this round?
- What share of Cisco's workforce does the reduction represent?
- Did Cisco announce layoffs before or after reporting record Q3 revenue?
- How did Cisco describe the strategic reason for the cuts?
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