Confirmed - Massive layoffs at Cisco

Is it true that CISCO is going to lay off 7% of its employees? Why are there so many layoffs happening in these times? Is technology taking our jobs?

Source is someone from Cisco. Can anyone else validate or reject this leak/rumour?

https://www.cnbc.com/2024/02/14/cisco-cutting-5percent-of-global-workforce-in-restructuring-move.html

Cisco will be laying off people next week. Numbers can be in 1000s https://officepulse.live/cisco-layoff https://finance.yahoo.com/news/cisco-cut-thousands-jobs-seeks-175409508.html

- Cisco shares surged in after-hours trading following the announcement of a 7% global workforce reduction and better-than-expected quarterly results. - The company reported adjusted earnings of 87 cents per share and revenue of $13.64 billion, surpassing analysts' estimates. - Cisco's restructuring plan will incur $1 billion in pretax charges, with $700 million to $800 million recognized this quarter. - This marks the second major layoff this year, following a 5% workforce cut in February, as Cisco navigates declining sales in its core networking business. - Despite a 10% revenue drop in the fiscal fourth quarter, increased subscription revenue from the Splunk acquisition helped Cisco outperform expectations. Source: [CNBC](https://www.cnbc.com/2024/08/14/cisco-csco-earnings-report-q4-2024.html)

Last December there were planned layoffs at Cisco which was known to everyone in advance along with the dates and the percentage of people to be laid off. This seemed fair at the time. Now they have laid off people on a random Monday with no prior information or any talks in the company about the same, managers just told that people who are affected have been informed and not to spread rumours, etc (all managers lingo). Most people were in a higher position in Tech and PMs(as per what I have heard), but surprisingly the managers were not involved and no one knows the criteria of layoff(upper execs did the layoffs). The performance issue was not the cause(confirmed by the manager) then what is the criteria? Does anyone here have any idea what these people see when they do the layoffs? Assuming the project is still on, and the person did not have any performance issues? I am curious. FYI - I wasn't affected (luckily).

How was experience getting laid ;)

https://www.moneycontrol.com/news/business/cognizant-says-revenue-will-decline-in-2023-to-lay-off-3500-employees-10523261.html/amp?utm_campaign=fullarticle&utm_medium=referral&utm_source=inshorts