US technology giant Cisco has made its second round of job cuts so far in 2024, laying off thousands of employees.
The technology and networking company said in August it would cut its workforce by 7%, or about 5,600 jobs, after laying off about 4,000 employees in February.
As TechCrunch previously reported, Cisco employees said the company refused to disclose who would be affected by the layoffs until Sept. 16. Cisco did not disclose why there was a month-long delay in notifying affected employees. At the time, one employee told TechCrunch that Cisco's workplace had become “the most toxic environment” he had ever worked in.
TechCrunch has learned that the cuts will also affect the company's threat intelligence and security research division, Talos Security.
Cisco said in a statement in August that the second job cuts this year would allow it to “invest in key growth opportunities and drive efficiencies.” The same day Cisco released its latest full-year earnings report, it said it would report nearly $54 billion in annual revenue in 2024, making it its “second-strongest year ever.”
Cisco CEO Chuck Robbins will receive nearly $32 million in total executive compensation in 2023, according to company filings.
A Cisco spokesman did not respond to a request for comment or say whether Cisco's executive team plans to reduce compensation packages after the cuts.
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