🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Cisco ticks higher on rumors of major layoffs

Published 09/02/2024, 19:18
© Reuters.
CSCO
-

Shares of Cisco Systems (NASDAQ:CSCO) are trending higher in midday trading on Friday, following a report by Reuters suggesting the company is about to have a major round of layoffs.

According to sources familiar with the matter, the digital communications giant is planning to restructure its business and seeks to let go "thousands of employees," in order to focus "high-growth areas."

The company's management is still deciding on the total number of jobs it intends to cut. As of its latest quarterly report, Cisco employed 84,900 people.

The official announcement can reportedly happen as early as next week.

Cisco has its earnings call scheduled for next Wednesday, February 14th, 2024.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.