After tech giant Cisco announced plans for its second round of layoffs this year, employees tell TechCrunch that they will not know if they are affected for close to a month.
Earlier this month, Reuters reported that Cisco was planning a second round of layoffs this year, after letting go of around 4,000 workers in February. Cisco confirmed last week in a SEC filing that it is cutting 7% of its workforce.
While employees have now been informed that there will be a new round of job cuts, the company has refused to tell affected workers until September 16, according to multiple Cisco employees.
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“This has become the most toxic environment I’ve ever worked in, and the mood as evidenced by comments on internal platforms is as dark as I’ve ever seen it. I’m only waiting until my next big [Restricted Stock Unit] vest to leave, and I know others are too,” a Cisco employee, who asked to remain anonymous to avoid retaliation, told TechCrunch. “Two layoffs of this magnitude in the same calendar year is beyond the pale.”
Another employee, who also asked to remain anonymous, said Cisco “need to stop layoffs every year and work on innovation and getting more revenue.”
Cisco did not respond to a request for comment.
The San Jose, Calif.-based company announced its second round of layoffs as it reported lower than expected earnings during the year, its net income during the quarter down by 45% on the year prior. Revenue was down about 10% to about $13.6 billion during its fourth-quarter.
Chuck Robbins, the company’s chief executive, said Cisco delivered a “strong close to fiscal 2024.” Robbins made $31.8 million in total executive compensation during 2023, the company’s filings show.
Source : Techcrunch
