As a result, the network giant will reduce its global workforce by 7%, which translates to thousands of positions, a filing with the US Securities and Exchange Commission (SEC) revealed.
According to the filing, the decision was made to allow the company to “invest in key growth opportunities and drive more efficiencies in its business”.
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This comes as, for Q4 2024, Cisco reported revenues of $13.6 billion, marking a 10% drop from the previous year.
The total revenue for the entire 2024 fiscal year was also $53.8 billion, down 6% year-on-year.
A Cisco spokesperson told Capacity Media: "Cisco is laser focused on growth, consistent execution, and resetting our cost structure as we invest in AI, cloud, and cybersecurity.
"To focus on these key priority areas, on August 14, 2024, we announced a restructuring plan to allow us to invest in key growth opportunities and drive more efficiency in our business."
They added: "This restructuring is expected to impact approximately 7% of our global workforce. The care of our people is a top priority, and we will provide full support to our employees throughout this process.”
Earlier this year, the company reduced its global workforce by 5%, which was approximately 4,250 positions and had also previously cut 4,100 jobs in November 2022.
Meanwhile, just this month, Cisco appointed Sarah Walker as CEO of its UK and Ireland division.
Succeeding David Meads, who will now lead the company’s Middle East and Africa operations, Walker joined Cisco in 2022 as the managing director of Enterprise.
Previously, she spent 25 years at telecoms giant, BT, in a raft of senior positions across both public and private sectors.
