August 17, 2016

"Cisco Systems is laying off upward of 14,000 employees, representing nearly 20 percent of the networking giant’s global workforce, according to multiple sources close to the company."

CRN: San Jose, Calif.-based Cisco is expected to announce the cuts within the next few weeks, as many early retirement package plans have already been offered to employees, said sources. by Mark Haranas

'Cisco is set to announce its fourth fiscal quarter results after the market closes tomorrow.

'The heavy cuts, which sources said will range between 9,000 and 14,000 employees worldwide, stem from Cisco’s transition from its hardware roots into a software-centric organization.

'"They need different skill sets for the software-defined future than they used to have," said one source familiar with the situation, who declined to be identified. "In theory the addressable market could be higher and margins richer, but it will take some time to make this transition."'

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