The San Jose, Calif.-based technology company develops and sells networking equipment. Cisco is seeking to invest savings from the job cuts and better align itself with the market shift favoring software over hardware, according to the report.
Cisco expects to pay $700 million in severance and termination benefits related to the job cuts.
Announcing job cuts in August, at the start of the fiscal year, appears to be a trend for Cisco. In August 2014, the company announced it was laying off 6,000 workers; the year prior, it announced it was laying off 4,000 workers, according to the report.
For the fourth quarter of 2016, Cisco reported a 21 percent profit increase, totaling $2.81 billion.
More articles on layoffs:
5 latest hospital, health system layoffs
Baystate Health System to lay off 300 employees
NY hospital cuts 22 nursing jobs
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
