Cisco cutting 5% of global workforce in restructuring move

Chuck Robbins, Cisco CEO & Chairman, at the WEF in Davos, Switzerland on May 25th, 2022.Cisco said in a statement on Wednesday that it would cut 5% of employees. The networking hardware maker had about around 85,000 employees as of last July. Shares were down 4% in extended trading.Cisco is the latest tech company to announce downsizing plans in 2024, as the industry continues to squeeze out costs following the market downturn that hit two years ago. January was the busiest month for job cuts in the industr ...