Cisco Layoffs
U.S. tech giant Cisco has left thousands of employees following its second layoff of 2024.
The technology and networking company announced in August that it would reduce its headcount by 7%, or around 5,600 employees, following an earlier layoff in February, in which the company let go of about 4,000 employees.
As TechCrunch reported, Cisco employees said the company refused to say who was affected by the layoffs until September 16. Cisco did not explain the month-long delay in notifying affected staff. One employee told TechCrunch that Cisco’s workplace had become the “most toxic environment” they had worked in.
TechCrunch has learned that the layoffs also affect Talos Security, the company’s threat intelligence and security research unit.
Cisco said in its August statement that its second layoff of the year would allow the company to “invest in key growth opportunities and drive more efficiencies.” On the same day, Cisco published its most recent full-year earnings report, in which the company said 2024 was its “second strongest year on record,” citing close to $54 billion in annual revenue.
According to the company’s filings, Cisco chief executive Chuck Robbins made close to $32 million in total executive compensation during 2023.
When reached by email, Cisco spokesperson Lindsay Ciulla did not comment or say if Cisco’s executive leadership team planned to reduce their compensation packages following the layoffs.
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