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 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.