Cisco Systems Inc. will lay off 350 employees in Silicon Valley next month, in the tech giant’s latest round of job cuts.
According to a filing with California’s Employment Development Department last week, Cisco CSCO, -0.59% will lay off 227 people in San Jose, and another 123 in nearby Milpitas, Calif., effective Oct. 16. Last year, the networking company announced it would slash about 5% of its workforce, roughly 4,000 jobs, and laid off nearly 700 more Silicon Valley employees in March, according to state filings.
In August, Cisco reported a strong gain in annual revenue, due largely to increased prices, though its outlook for 2024 was cautious.
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