Cisco is planning to cut thousands of jobs as it restructures its business, according to a report.
The San Jose, California-based network giant is trying to turn its focus on high-growth areas, sources familiar with the matter told Reuters. However, the exact number of layoffs hasn't been determined yet, a source said.
As of July 2023, the company had approximately 84,900 employees globally, according to the company's annual report.
LAYOFFS SURGED 136% IN JANUARY TO SECOND-HIGHEST LEVEL ON RECORD
Representatives for Cisco have not immediately responded to FOX Business' request for comment.
This isn't the first time the company laid off employees. Cisco cut about 5% of its global workforce in 2022, Reuters reported.
It marks the latest in a string of layoffs that have been announced since the beginning of the year.
THE NUMBER OF HIGH-PAYING JOBS IS DWINDLING
Globally, about 141 tech companies have already cut over 34,000 jobs, according to Layoffs.fyi.
However, companies across a variety of industries, from media to Wall Street, have also announced layoffs in recent weeks amid ongoing inflation and high interest rates.
According to a report from Challenger, Gray & Christmas, companies planned 82,307 job cuts in January. That's up 136% from the prior month and the second-highest layoff total for the month of January in data since 2009.
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However, that is down about 20% from the same time one year ago.
FOX Business' Megan Henney contributed to this report.
