Cisco, a networking company, announced today that it will cut 700 jobs at the company’s United States of America branch, according to media reports.
Reports said the company favored the job cuts to employees working in the Bay Area, including two vice presidents and 80 workers at its San Francisco offices.
The company laid off 673 workers as part of a “limited corporate restructuring” announced in November last year, 371 workers were allegedly laid off from the company’s headquarters and 222 workers, mainly including engineers and technical personnel, were asked to leave the Milpitas office.
The job cuts come after the company posted the largest total quarterly revenue in its history during the first fiscal quarter of 2023. While it’s unclear whether Cisco will make more rounds of layoffs, it was reported last year that Cisco it would have laid off 5% of its operating power, or more than 4,000 employees.
This development comes just days after Amazon announced the layoffs of 18,000 of its employees over the past two months and in a note to employees, company CEO Andy Jesse said: “Amazon has managed to navigate difficult and uncertain economies in past, and we will continue to do so.By pursuing our long-term opportunities with a stronger cost structure; however I am also optimistic that we will be innovative, resourceful and faltering in this time of not hiring extensively and eliminating some roles. “
