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Cisco Systems has confirmed it’s eliminating five percent of its global workforce or almost 4,250 jobs.
The tech giant's move comes during a broader trend of workforce reductions within the tech sector this year.
Companies are adjusting to the economic downturn that began two years before.
January was marked by the biggest job cuts since March.
Major players such as Alphabet, Amazon, Microsoft, SAP, eBay, Unity, and Discord have announced job losses.
The tech industry has seen 144 companies lay off nearly 35,000 employees this year, as tracked by Layoffs.fyi.
Cisco released its fiscal second-quarter earnings, reporting a decrease in revenue of six percent year-over-year and a dip in net income from $2.77 billion to $2.63 billion.
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The company is finalizing its acquisition of Splunk, a monitoring and security software firm, for $28 billion.
It expects to complete the takeover between the end of the first calendar quarter and the beginning of the second.
Cisco's financial performance in networking products slightly missed analyst expectations, with revenues at $7.08 billion against a forecasted $7.10 billion.
Cisco CEO Chuck Robbins said: “In terms of the macro environment, we are seeing a greater degree of caution and scrutiny of deals given the high level of uncertainty.
“As we’re hearing this from our customers, it’s leading us to be more cautious with our forecast and expectations.
“Second, as we discussed last quarter and subsequently saw in other technology provider results, customers have been taking time since the start of our fiscal 2024 to deploy the elevated levels of products shipped to them in recent quarters, and this is taking longer than our initial expectations.”
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