Cisco Plans To Lay Off 1,100
Cisco plans to cut thousands more jobs this year after reporting a larger-than-anticipated drop in revenue in its current quarter. The 1,100 job cuts are in addition to the 5,500 layoffs, 7% of its workforce, announced in August 2016, the Silicon Valley Business Journal reports. Cisco expects a decline in revenue of 4% to 6% during its fourth quarter compared to last year, which is much higher than analysts' expectations of a 1% revenue drop.
San Jose-based Cisco plans to shed its 471K SF Milpitas campus by the end of 2017. Cisco opted for early termination of its lease with Hudson Pacific in March. Hudson Pacific plans to renovate the property and hopes to attract another large tenant. Cisco said in April it would vacate an additional five buildings in Milpitas. Cisco has instead been investing millions into its San Jose headquarters.
CORRECTION, MAY 18, 8:45 A.M. PT: A previous version of this story did not correctly reflect what percentage of the workforce was affected by the initial layoff announcement. The story has been updated.