{"id":669513,"date":"2026-05-14T19:01:10","date_gmt":"2026-05-14T19:01:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/669513\/"},"modified":"2026-05-14T19:01:10","modified_gmt":"2026-05-14T19:01:10","slug":"cisco-announces-record-revenue-and-4000-layoffs-in-the-same-day","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/669513\/","title":{"rendered":"Cisco announces record revenue and 4,000 layoffs in the same day"},"content":{"rendered":"

During a call with investors on Wednesday night, Cisco executives discussed the layoffs further, with CFO Mark Patterson saying, \u201cThis was really not a savings-driven restructure,\u201d according to a transcript<\/a> of the call.<\/p>\n

\u201cThings are moving incredibly fast right now,\u201d he said. \u201cAnd this is more realigning from an already strong base, as you\u2019re seeing in our financials, but really realigning resources around silicon, optics, security, and AI. And so being able to move fast, we don\u2019t always have the exact resources that we need going forward in the right places. And so that\u2019s really what this is about versus savings.\u201d<\/p>\n

Due to the layoffs, Cisco expects to \u201crecognize up to $1 billion of pre-tax charges with $450 million to be recognized in the Q4 FY \u201926 and the remainder during FY \u201927,\u201d Patterson added.<\/p>\n

\u201cThese [layoffs] are building from a position of strength and focusing on the technologies that will accelerate our growth, deliver unmatched innovation to customers and partners, and define our future,\u201d Robbins said on the call.<\/p>\n

Bonuses and training for laid-off workers<\/p>\n

Robbins\u2019 blog post said that affected workers will receive \u201cpro-rated payment\u201d of fiscal 2026 bonuses. The company also says it will offer services to help laid-off employees find new jobs.<\/p>\n

\u201cWe will provide support in finding new opportunities, whether internal or external, through Cisco\u2019s placement services\u2014a program that has seen 75 percent of participants discover their next role,\u201d Robbins said. \u201cWe are also committed to continued personalized learning and will provide one year of access to all Cisco U courses and certifications, covering AI, security, networking, and more.\u201d<\/p>\n

This round of layoffs follows the dismissal of 4,245 employees, or 5 percent of the workforce at the time, in February 2024<\/a>, and about 6,000 people, or about 7 percent of the workforce, in August 2024. Cisco also attributed the latter layoffs to the need to restructure around AI and security, The Register<\/a> reported at the time.<\/p>\n","protected":false},"excerpt":{"rendered":"During a call with investors on Wednesday night, Cisco executives discussed the layoffs further, with CFO Mark Patterson…\n","protected":false},"author":2,"featured_media":669514,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[45,49,48],"class_list":["post-669513","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ca","tag-canada"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/669513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=669513"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/669513\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/669514"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=669513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=669513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=669513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}