Cisco Systems Announces Additional Workforce Cuts | CISNewsStudio1s

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Cisco Systems announced on Wednesday that it is cutting 7% of its global workforce as it shifts its focus to high-growth areas. The San Jose, California-based company estimates pre-tax charges of up to $1 billion in connection with this plan, with $700 million to $800 million of these charges being recognized in the first quarter.

These mass layoffs follow another round of cuts earlier this year. In February, Cisco announced it would cut 5% of its global workforce, or more than 4,000 jobs, while also lowering its annual revenue target.

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