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 * California
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NEW MASS LAYOFF SENDS CALIFORNIA JOB LOSSES SOARING

Published Aug 16, 2024 at 8:35 AM EDT Updated Aug 16, 2024 at 9:57 PM EDT

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It's Taking Unemployed Americans More Than A Year To Find A New Job
By Giulia Carbonaro
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Bay Area tech giant Cisco Systems has announced a second major round of layoffs
this year as it refocuses the company toward growing areas such cybersecurity
and artificial intelligence (A.I.), cutting 7 percent of its workforce in the
process.



While it's unclear exactly how many of the San Jose-based company's employees
will be let go, the number is expected to be similar to the 4,000 employees
Cisco dismissed in February as part of its restructuring plan, or even higher.
KCRA-TV estimated that the company will cut as many as 5,900 jobs.

As of July 2023, the Californian tech giant employed around 84,900 employees,
according to its annual filing. That was before the company's layoffs in
February, which means that the company possibly employs 80,900 people. This
number is now expected to dwindle even further.

Newsweek contacted Cisco for comment by email on Friday morning.



Silicon Valley headquarters of networking company Cisco, San Jose, California.
The company has announced a new wave of layoffs, as many as 6,000, according to
one report. Silicon Valley headquarters of networking company Cisco, San Jose,
California. The company has announced a new wave of layoffs, as many as 6,000,
according to one report. Smith Collection/Gado/Getty Images
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The announcement comes on the back of reports of slowing demand for Cisco's
products and supply-chain constraints affecting the company's core business.

In its latest quarterly results, Cisco reported $13.64 billion in revenue, down
10 percent from the year-ago quarter and the third straight quarter of sales
declines. Despite plunging net income—down 45 percent from a year earlier—the
company's profits still exceeded Wall Street's expectations of $13.54 billion.


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As of Friday morning, Cisco shares were down 3.92 percent year-to-date and 8.36
percent year-over-year, according to Google Finance. But following the
announcement of the second round of layoffs, Cisco shares jumped 7 percent on
Thursday—their best day since November 2020—which shows investors are optimistic
about the company's move.

Talking to CNBC's Squawk on the Street on Thursday, Cisco CEO Chuck Robbins said
that the tech giant will try to move some of the laid off employees into other
jobs within the company.

"We'll do skills-matching, some of these people that are in that 7 percent
actually won't leave the company, they'll move in some of these roles that their
skills match," Robbins said. "We built this process over the past seven-eight
years to try to make sure we're doing that, so that is the intent."

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He added, talking about the restructuring: "This is about investment and
efficiency. We shifted hundreds of millions of dollars into these fast-moving
markets."

The CEO said that "it's very hard to say" whether the company will have more
layoffs in the future, but said that "that would be our intent and desire."

Cisco's announcement comes after the tech industry has already faced major
layoffs this year. Only two weeks ago, chipmaker Intel Corp. announced it will
be cutting roughly 15,000 jobs after disappointing earnings this year.



These layoffs are significantly affecting California, where many of the biggest
tech companies in the country are based. According to Layoffs.fyi, which
monitors redundancies in the tech industry, 130,482 employees working in the
tech sector had been laid off this year by 398 companies.

WarnTracker, a website which monitors layoffs across the country in all
industries, reports that 18,439 people were laid off this year in California
alone—the highest rate in the country, followed by Texas with 15,914.

Newsweek contacted the California Department of Labor for comment by email on
Friday morning.




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ABOUT THE WRITER

Giulia Carbonaro
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Giulia Carbonaro is a Newsweek Reporter based in London, U.K. Her focus is on
U.S. and European politics, global affairs and housing. She has covered the ups
and downs of the U.S. housing market extensively, as well as given in-depth
insights into the unfolding war in Ukraine. Giulia joined Newsweek in 2022 from
CGTN Europe and had previously worked at the European Central Bank. She is a
graduate of Nottingham Trent University. Languages: English, Italian, French.

You can get in touch with Giulia by emailing g.carbonaro@newsweek.com.

Giulia Carbonaro is a Newsweek Reporter based in London, U.K. Her focus is on
U.S. and European politics, global affairs ... Read more

To read how Newsweek uses AI as a newsroom tool, Click here.






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