Cisco Systems announced on Wednesday that it will be reducing its global workforce by 7% as part of a strategic shift towards high-growth areas. The company, based in San Jose, California, anticipates incurring pre-tax charges of up to $1 billion related to this plan, with a significant portion of $700 million to $800 million expected to be recognized in the first quarter.
This latest round of layoffs follows a previous workforce reduction earlier this year when Cisco disclosed its intention to cut 5% of its global workforce, amounting to over 4,000 jobs, while also revising its annual revenue target downwards.
