While Cisco isn't confirming that layoffs are taking place this week, disgruntled former employees have been posting as much on the internet.
According to a thread on TheLayoff.com that asked "Any layoff emails received this week?" some employees responded that they have been let go.
"Yupp, fired this AM. Call then email. Company is a joke. Had a very high IPF, but it is what it is. On to greener pastures," wrote one of the contributors. Another wrote "over 7100 people will be let go that is the exact number have the official docs." Former and current Cisco employees have also took to Twitter to talk about the layoffs.
When asked about the layoffs Thursday morning, Cisco didn't confirm them, but did provide a statement that it has issued previously.
“Over the coming weeks and months, Cisco will increase our investments in key business areas that will drive customer satisfaction and partner profitability going forward and reduce investments in others," according to a Cisco spokesperson. "We will be restructuring parts of our business as a result. Our employees are our priority and we are committed to providing our full support to those transitioning to new roles or teams within Cisco or leaving the company. Where possible, we will offer employees options that enable them to make decisions that best suit their career goals and personal circumstances."
During its fourth quarter earnings call in August, Cisco CEO Chuck Robbins said that Cisco, which has about 75,000 employees, was instituting a restructuring plan that started in the current quarter and was expected to recognize a related one-time charge of about $900 million. Over the next few quarters, Robbins said Cisco would be taking out over $1 billion on an annualized basis to reduce its cost structure, which includes layoffs.
Cisco's bottom line was hit hard by the coronavirus pandemic this year, but it started layoffs back in February before Covid-19 became entrenched. Cisco cited slowing sales due to global economic headwinds for the earlier job cuts.