A Seeking Alpha report states that US-based telecom gear maker Cisco plans to lay off 350 employees in Silicon Valley in October.
Cisco will lay off 123 people in Milpitas and 227 in the San Jose office by mid-October, according to the telecom publication Light Reading, while citing the California Employment Development Department.
SFGate stated that software engineering positions account for most layoffs at both locations.
An earlier statement from a Cisco spokesperson to Light Reading stated that the company’s November 2022 “rebalancing effort” led to the layoffs. This also includes a limited restructuring that will affect the real estate portfolio of the company and about 5% of its staff, or 4,000 employees.
“As we announced then, this is not about cost savings as we have roughly the same number of employees as we did before the process began,” the Cisco spokesperson was quoted as saying in the report.
“This rebalancing is about prioritizing investments in our transformation, to meet and exceed our customers’ expectations in the changing technology landscape. We will continue to do everything we can to help place affected employees in open roles and offer extensive support including generous severance packages,” the spokesperson said, as per the report.
Among the major telecom companies, Cisco is cutting employees. Other companies reducing workforce include Verizon, Crown Castle, BT, Vodafone, Ericsson, and others.
