Cisco is the latest company to announce layoffs. The company said that it will axing 4,250 jobs after predicting weaker performance going forward. These job cuts affect 5% of its global staff.
Cisco has announced a decision to cut the jobs of 4,250 from its global workforce. This represents about 5% of all its employees. The reduction in the size of the company is likely a knock on effect from increasing interest rates which make it more expensive to borrow money and incentivize people to save.
With fewer people and businesses spending money, companies like Cisco can no longer justify the previous level of spending so one of the most effective ways to cut costs is to cut jobs.
According to CNBC, Cisco had a strong second quarter but the company is not so optimistic about the future.
