According to CRN, a technology news website, the company quoted people familiar with the matter as saying that Cisco Systems will lay off 14,000 people and cut the number of layoffs to 20% of the global network equipment manufacturer's global workforce.
According to the report, Cisco, headquartered in California, is expected to announce the news within two weeks. Informed sources also said: "They will need different skills to define a software-centric future. In theory, the target market is larger and more profitable, but it takes some time to complete the transition."
As of April 20, 2016, the total number of Cisco employees was 73,104. If the scale of layoffs of 14,000 people is true, it will create the highest number of Cisco layoffs. According to CRN, Cisco has provided many early retirement plans to its employees.
It is reported that this is the first large-scale layoffs after the current CEO took office last year. In the past five years, Cisco has laid off employees at the end of the fiscal year for four consecutive years, and the total number of layoffs exceeded 20,000. Cisco will announce its fourth-quarter earnings tomorrow, and analysts expect sales to fall 2% to $12.6 billion. It is reported that Cisco layoffs are to further transition to the software business.
In 2011, Cisco announced a layoff of 6,500 people, when it spent about $1.3 billion to pay severance pay and other benefits for the laid-off workers. On the same day, Cisco will also sell a set-top box manufacturing facility in Juarez, Mexico, to Foxconn in Taiwan. Among them, it also involved the transfer and resettlement of about 5,000 employees.
As of Tuesday's close, Cisco's share price on the Nasdaq was $31.12. Cisco's share price has risen 15% this year, compared to Dow Jones' US technology hardware and equipment index, which rose 10.5%.
Cisco (CSCO) is the world's largest manufacturer of network equipment and was established in the United States in 1984. The company's main products are production switches, routers, firewalls, etc. At present, Cisco has a market value of more than 150 billion US dollars. It has been rumored that Cisco has attempted to acquire Ericsson to resist the increasingly powerful Huawei, but it was denied by both parties.
Since the Prism Gate incident, Cisco's market in China has gradually been eroded by Chinese local competitors. Among them, the biggest competitor is Huawei. According to Sanford Bernstein, Cisco's share of the Chinese router market has fallen by half since the beginning of 2014, while Huawei has jumped from around 40% to 70% and is growing.
In 2002, Cisco also filed a lawsuit against Huawei, arguing that Huawei routers copied Cisco products. However, after a one-and-a-half-year lawsuit, the two sides ended up with a settlement. Huawei basically adopted a false attitude and quietly removed and modified the infringing products.
At that time, Huawei and Cisco were not at the same level of company. After 2003, with the continuous expansion of Cisco and Huawei's respective businesses, the areas of competition between the two sides continued to expand, from switches to routers, from enterprises to the core network market. Now, Huawei is almost always in Cisco, both in the enterprise market and in the consumer market.
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