The tech giant Cisco has already laid-off many employees. They again announced its second round of layoffs in 2024 year. Employees told TechCrunch tech news agency that they would not know for about a month whether they would be affected.
Earlier this month, a news reporting agency Reuters reported that Cisco may lay off thousands more in second job cut this year after letting go of nearly 4,000 employees in February. Cisco confirmed in an SEC filing last week that it is reducing its workforce by 7%.
While employees have been informed about the upcoming layoffs. The company has chosen not to notify those affected until September 16, according to several Cisco employees.
Cisco’s second round of layoffs this year has thrown the company into turmoil. While the company confirmed the job cuts in an SEC filing last week, employees have been left in a state of uncertainty about their future for weeks. The PC giant has delayed informing affected employees until September 16, several Cisco employees told TechCrunch.
“This has become the most toxic environment I have ever worked in, and as the comments on internal platforms show, it is the darkest environment I have ever seen. I am just waiting for my next big acquisition [restricted stock units] to vest, and I know others are doing the same,” a Cisco employee who requested anonymity to avoid retaliation told TechCrunch. “Two rounds of layoffs of this magnitude in the same calendar year is unusual.”
Another employee, who also requested anonymity, said Cisco “needs to stop doing layoffs every year and focus on innovation and increasing revenue.”
The San Jose, California-based company announced its second round of layoffs this year as it reported lower-than-expected revenue for the year, with its quarterly net income dropping 45% compared to the previous year. Revenue during the fourth quarter declined nearly 10% to approximately $13.6 billion.
