Cisco (NASDAQ:CSCO) layoffs are coming for employees of the internet communications company as it prepares for major job cuts in the near future.
According to recent reports, Cisco is looking at laying off thousands of employees. However, the company hasn’t decided on the exact number of roles that will be reduced. The report says that an announcement could come sometime this week, as the company is getting ready to report earnings on Wednesday.
Insiders close to the matter claim that these Cisco layoffs will see the company shift focus to high-growth areas. This comes after the company saw weakening demand after the Covid-19 pandemic. As a result, it shifted focus toward software offerings such as cybersecurity, reports CNBC.
Cisco Layoffs Continue Trend
Companies have been cutting jobs are the pandemic with many of the layoffs coming from those in the tech sector. That came after increased online demand resulted in more hiring during the pandemic. Now these companies have been cutting back their headcounts to deal with slowing demand.
Also weighing on companies is the current economy. Inflation and interest rates remain elevated. That has many seeking ways to cut costs to protect profits during a tough economy.
CSCO stock is largely unmoved as of Monday morning after the layoffs news spread.
Investors seeking out even more of the most recent stock market stories will want to stick around!
We have all of the hottest market news worth reading about on Monday! Among that is what’s going on with shares of WeTrade (NASDAQ:WETG), Intelligent Bio Solutions (NASDAQ:INBS) and Millennium Group (NASDAQ:MGIH) stock this morning. You can find out more on these matters down below!
More Monday Stock Market News
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- Why Is Millennium Group (MGIH) Stock Up 110% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
