Cisco Planning Additional Layoffs
Thousands of Jobs Expected to Be Cut
Update: Company to Announce Second Round of Layoffs This Year
Tech giant Cisco (CSCO) is preparing to announce another round of layoffs, according to a report from Reuters. The move is part of a cost-cutting strategy to address the company's slowing growth.
Reuters reports that Cisco plans to cut thousands of jobs, although the exact number is still unknown. This would be the second round of layoffs for the company in 2024, following an earlier round in March that affected about 4,100 employees.
The layoffs come as Cisco faces a number of challenges, including declining sales and increased competition from rivals. The company's latest quarterly results, released on Wednesday, showed a decline in revenue and earnings.
The layoffs are expected to be announced in conjunction with the company's upcoming quarterly earnings report. Cisco is scheduled to release its financial results on August 10.
The news of the layoffs has sent Cisco's stock price down in premarket trading. The company's shares are currently trading at around $47, down from a high of $55 earlier this year.
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