Cisco ticks higher on rumors of major layoffs

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Cisco ticks higher on rumors of major layoffs
Credit: © Reuters.

Shares of Cisco Systems (NASDAQ: CSCO ) are trending higher in midday trading on Friday, following a report by Reuters suggesting the company is about to have a major round of layoffs.

According to sources familiar with the matter, the digital communications giant is planning to restructure its business and seeks to let go "thousands of employees," in order to focus "high-growth areas."

The company's management is still deciding on the total number of jobs it intends to cut. As of its latest quarterly report, Cisco employed 84,900 people.

The official announcement can reportedly happen as early as next week.

Cisco has its earnings call scheduled for next Wednesday, February 14th, 2024.

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