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Cisco Plans Second Round of Layoffs in 2023
Thousands of Employees Impacted
Cisco Systems announced plans to lay off thousands of employees for the second time this year. The cuts, which amount to 5% of the company's global workforce, will affect more than 4,000 employees.
Reasons for Layoffs
- Restructuring efforts
- Economic downturn
- Slowing growth in key markets
Next Steps for Employees
- Affected employees will receive severance packages and job placement assistance.
- Cisco is offering support to employees during this transition.
Impact on Business
Cisco is the latest tech company to announce layoffs in the face of economic challenges. The company expects the cuts to save $1 billion in annual expenses.
Industry Outlook
The layoffs at Cisco reflect the broader economic downturn in the tech industry. Many companies are facing slowing growth and are implementing cost-cutting measures.
Additional Information
For more information on the Cisco layoffs, please refer to the following sources:
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