Cisco Systems Inc. (CSCO) announced that it plans a reduction in overall workforce by fewer than 4,000 jobs in the fourth quarter. The planned reduction represents less than 5 percent of its total employee base.
The company noted that most notifications will begin on May 14 and continue globally in alignment with applicable local laws and regulations.
For the impacted employees, leaders will share details directly, including timing, available resources, support, and benefits in each country. This will include pro-rated payment of fiscal 2026 bonuses to impacted employees.
The company added that it will provide support in finding new opportunities, whether internal or external, through Cisco's placement services, which has helped 75 percent of participants to find their next role.
Cisco will also provide continued personalized learning and one year of access to all Cisco U courses and certifications, covering AI, Security, Networking, and more.
In the overnight trading, the shares were gaining around 20 percent to trade at $122.19.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.