Cisco plans to lay off 5% of its workforce as part of a restructuring plan, the company said Wednesday in an SEC filing. Based on the company’s most recent headcount of 84,900, the cuts will impact roughly 4,200 employees globally. The decision to align expenses and investments to the current environment as customers “absorb high levels of product inventory,” a company spokesperson said in an email Thursday. Cisco reported a revenue drop during the second quarter of its 2024 fiscal year, according to a Wednesday earnings call, for the period ending Jan. 27. The company posted $12.8 billion in global revenue, down 6% year over year.
