So, $210M left for payouts from this announcement. Roughly 3000 heads. But they can add to this funding to raise the targeted layoffs in Q1. 4100 sounds about right.
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In latest 10Q filing (bottom pg 64):
“We initiated a restructuring plan during fiscal 2018 in order to realign our organization and enable further investment in key priority areas, with estimated pretax charges of approximately $600 million . In connection with this restructuring plan, we incurred charges of $18 million and $282 million for the third quarter and first nine months of fiscal 2019, respectively, and have incurred cumulative charges of $390 million since inception. We expect this restructuring plan to be substantially completed in the first half of fiscal 2020.”
Maybe us laid off Cisco employees are just hunger games tribute...
Let the executives in the capital enjoy their feast. Three cheers for CEO Snow!
Of course there will be LR’s - it has been the same every year regardless of financial performance. It just won’t be public given the ‘leadership’ have learnt the lesson that there is no point in making either the market or the rest of you cattle in the Cisco abbatoir nervous by formally announcing the cull
Pretty sure this is going to happen. If it is public announced, no idea. Latest rumors is mostly SEs.
I was just told last week that I am getting laid off, even before the announcement which is going to be by end of this month.
a major bank is cutting 18k heads. thithco will cut too.
If I remember correctly they didn't announce last years to the press just internally. I never saw it on the news last year. I expect the same this year.
My take: Since no "major" companies are announcing layoffs. And since the economy is "hot", cisco would not want to be the first "major" company announcing big time layoffs in a "hot" economy. Conclusion: They will be layoffs, but they will be as stealthy as they can make them.
We just spent 2.6B. There's definitely going to be LRs coming.
Nothing typical about what’s coming.
With the acquisition, new fiscal year, focus on cx, seems inevitable to make up for the 2.6 billion spent.
Will the layoffs be quiet or announced publicly?
Leadership has already confirmed it, so yes.