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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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.