Cisco is planning to cut thousands of jobs as it restructures its business, according to a report.
The San Jose, California-based network giant is trying to turn its focus on high-growth areas, sources familiar with the matter told Reuters. However, the exact number of layoffs hasn't been determined yet, a source said.
As of July 2023, the company had approximately 84,900 employees globally, according to the company's annual report.
Representatives for Cisco have not immediately responded to FOX Business' request for comment.
This isn't the first time the company laid off employees. Cisco cut about 5% of its global workforce in 2022, Reuters reported.
Cisco Systems headquarters in San Jose, California, US, on Monday, Aug. 14, 2023. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
It marks the latest in a string of layoffs that have been announced since the beginning of the year.
Globally, about 141 tech companies have already cut over 34,000 jobs, according to Layoffs.fyi.
However, companies across a variety of industries, from media to Wall Street, have also announced layoffs in recent weeks amid ongoing inflation and high interest rates.
According to a report from Challenger, Gray & Christmas, companies planned 82,307 job cuts in January. That's up 136% from the prior month and the second-highest layoff total for the month of January in data since 2009.
However, that is down about 20% from the same time one year ago.
FOX Business' Megan Henney contributed to this report.