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Cisco to cut 350 jobs in the latest round of layoffs

Cisco headquarters

Cisco Systems is set to reduce its workforce by 350 employees in Silicon Valley next month.

It marks the latest phase of job cuts for the tech giant. 

According to a recent filing with California's Employment Development Department, Cisco plans to lay off 227 people in San Jose.

Read More: Google Starts Job Cuts In Recruiting Division

An additional 123 cuts are expected in nearby Milpitas, California.

The job cuts would be effective on Monday, October 16. 

Last year, the company announced a workforce reduction of approximately 5 percent, equivalent to around 4,000 positions.

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In March, the company cut nearly 700 more jobs in Silicon Valley, as indicated in state records. 

Despite posting strong annual revenue growth in August, driven primarily by price increases, Cisco's outlook for 2024 remains cautious. 

Cisco's shares have seen an 18 percent increase year-to-date, in contrast to the S&P 500's 16 percent gain.

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