Announced 5% workforce layoffs (4,250 jobs) despite Cisco posting record quarterly revenue
Feb 15, 2024On February 15, 2024, Robbins announced Cisco would lay off approximately 4,250 employees (5% of workforce) despite posting record quarterly revenue of $13.6 billion. Robbins cited 'greater degree of caution and scrutiny' in deals and 'high level of uncertainty' in macro environment. Cisco expected to incur $800 million in severance costs. Critics noted the disconnect between record revenue and workforce reduction.