Cisco (CSCO) And One Of The Biggest Job Cuts Ever
Author By Sophia VidaPosted on Cisco Systems Inc. had some bad news this week for some of its employees. The company is going to cut nearly 20% of its workforce which accounts for about 14,000 employees. Sources close to the situation reported the bad news to technology news site CRN.
The report said that California based Cisco is expected to announce the cuts within the next few weeks.
Cisco is in the middle of a transition from its hardware roots into a software-centric organization and has been investing in new products such as data analytics software and cloud-based tools for data centers.
As of April 30th, the company had more than 70,000 employees.
Cisco has already offered many early retirement package plans to its employees, according to CRN.
Shares are up around 15% this year so far.
Disclaimer: We have no position in Cisco Systems Inc. (NASDAQ: CSCO) and have not been compensated for this article.
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