Cisco Systems (CSCO) to reduce global workforce by 7%

Cisco Systems (NASDAQ: CSCO) disclosed:

On August 14, 2024, Cisco announced a restructuring plan to allow it to invest in key growth opportunities and drive more efficiencies in its business. This restructuring plan is expected to impact approximately 7 percent of Cisco’s global workforce. Cisco currently estimates that it will recognize pre-tax charges to its GAAP financial results of up to $1 billion consisting of severance and other one-time termination benefits, and other costs. These charges are primarily cash-based. Cisco expects to recognize approximately $700 million to $800 million of these charges in the first quarter of fiscal 2025 with the remaining amount expected to be recognized during the rest of fiscal 2025.

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