Cisco Laying off 5500 - Updated

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Original Article: http://www.reuters.com/article/us-cisco-systems-layoffs-idUSKCN10S05D

Additional: http://www.crn.com/news/networking/300081750/sources-massive-layoffs-coming-at-cisco.htm

Update Source:http://www.wsj.com/articles/cisco-announces-plans-to-cut-5-500-workers-1471465487

Additional source for update:http://fortune.com/2016/08/17/cisco-job-cuts/

Quote

Cisco Systems Inc is laying off about 14,000 employees, representing nearly 20 percent of the network equipment maker's global workforce, technology news site CRN reported, citing sources close to the company.

Thoughts: 14,000 people is a massive lay off of any company 20% from an entire workforce again is massive. My friend is support in Austin says it's none of his team. Cisco trend continues. Charge more cut more jobs rinse and repeat.

 

History of the layoffs:

Quote

The networking leader has a history of announcing layoffs at the end of its fiscal year each summer. In August 2014,Cisco revealed plans to cut 6,000 jobs, roughly 8 percent of its total workforce at the time. In August 2013, the company cut 4,000 employees, about 5 percent of its global workforce at the time. Cisco also cut 1,300 positions in July 2012. One of Cisco’s largest layoffs came in July 2011, when the company cut 6,500 employees, representing about 9 percent its global workforce. Cisco had no layoffs in the summer of 2015, coinciding with Chuck Robbins' ascension to CEO that July.

Cisco has been known to just sit on piles of cash. According to 2015 Financials 6.8 Billion in cash and cash equivalents. The Irony is they are becoming more of a "software-centric organization". Literally went to a join presentation 4 months ago where Cisco was presenting new UC blade servers. 

 

Update:

Correction now reporting to only be cutting 5500 Jobs.

While not as bad as 14,000 still a lot of jobs. All the while profits rose except for switching and routing. 

[themctipers]

My eyes!

black on black on ips  

 

sucks to see so many people losing their job. The job market in my area is already really bad 

[Lurick]

Correction, it's 5500 which is only about 7% of the workforce, still a large number but not nearly the 20,000 which kept getting tossed around by news people with no actual knowledge of what's going on (not directed at people on the LTT forums).

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11 minutes ago, Lurick said:

Correction, it's 5500 which is only about 7% of the workforce, still a large number but not nearly the 20,000 which kept getting tossed around by news people with no actual knowledge of what's going on (not directed at people on the LTT forums).

updated