tech
Cisco announces record revenue and 4,000 layoffs in the same day
Layoffs are “not a savings-driven restructure,” CFO says.
TL;DR
- Cisco reported record revenue of $15.8 billion for fiscal Q3 2026, a 12 percent increase year-over-year.
- The company is reducing its workforce by fewer than 4,000 jobs, representing less than 5 percent of employees.
- The layoffs are attributed to the need to shift investment toward AI and other high-demand areas like silicon, optics, and security.
- Cisco CFO Mark Patterson stated the layoffs are not driven by savings but by a realignment of resources to move quickly in the fast-paced tech environment.
- Affected employees will receive prorated 2026 bonuses and support services, including job placement and a year of access to Cisco U courses and certifications.