#techsector

[enterprisewired]

Cisco Announces Workforce Reduction Amid Industry Downturn

Tech Giant to Cut 5% of Workforce, Eliminating 4,250 Jobs

In a move to streamline operations amidst a challenging industry landscape, Cisco, one of the leading technology companies, has announced plans to reduce its workforce by 5%. This decision will result in approximately 4,250 job cuts, contributing to a significant downsizing trend seen across the tech sector. The news has had an immediate impact on Cisco’s stock, with shares declining by as much as 9% in extended trading.

Industry-Wide Downsizing in 2024

Cisco’s decision reflects an industry-wide trend, as tech companies continue to implement cost-cutting measures in response to the market downturn that began two years ago. January marked a particularly active month for job cuts in the sector, with major players like Alphabet, Amazon, Microsoft, SAP, eBay, Unity, and Discord all announcing layoffs. According to Layoffs.fyi, 144 tech companies have already laid off nearly 35,000 workers in 2024.

Financial Performance and Guidance Challenges

Cisco’s workforce reduction comes on the heels of a 6% year-over-year decline in revenue for the quarter ending on January 27. The net income also experienced a dip, falling to $2.63 billion, or 65 cents per share, from $2.77 billion, or 67 cents per share, in the same period last year. The company attributed part of the challenging financial environment to delays in finalizing the $28 billion acquisition of monitoring and security software maker Splunk.

Cisco Is Cutting 5% of Workforce

CEO Chuck Robbins, in a conference call with analysts, provided guidance for the fiscal third quarter, calling for adjusted earnings per share between 84 to 86 cents on $12.1 billion to $12.3 billion in revenue. These figures fell short of analysts’ expectations, who were anticipating adjusted earnings of 92 cents per share on $13.09 billion in revenue.

For the full year, Cisco anticipates adjusted earnings per share in the range of $3.68 to $3.74 and revenue between $51.5 billion to $52.5 billion, below analysts’ projections of $3.86 in adjusted earnings per share and $54.26 billion in revenue.

Challenges and Caution in a Shifting Environment

During the conference call, Robbins acknowledged challenges impacting the guidance, citing a cautious approach due to heightened uncertainty in the macro environment. Additionally, customers are taking more time to deploy products received in recent quarters, contributing to slower-than-expected progress. Demand remains sluggish among telecommunications and cable service provider clients, adding further complexity to Cisco’s outlook.

Despite these challenges, Cisco announced a slight increase in its dividend, raising it by a penny to 40 cents per share. The company now faces the task of navigating a changing landscape while aiming to maintain its competitive edge in the technology sector.

Also Read: Tencent’s Riot Games Undertakes Global Workforce Reduction

#Cisco #TechIndustry #workforcereduction #JobCut #TechSector #stockmarket #TechGiants #industrytrends #Youtube

[wreiy]

Google Ranked As Top U.S. Employer In The Tech Sector Google takes the crown as the ultimate workplace in the tech world.

#googlejobs #workinTech #technology #techsector

[sifytech]

Why Does SaaS Present a Particularly Bright Spot for India's Tech Sector?

Indian SaaS ecosystem has a bright future as long as investors continue to be optimistic about Vertical SaaS, its ability to access SMB market. Read More. https://www.sify.com/digital-transformation/why-does-saas-present-a-particularly-bright-spot-for-indias-tech-sector/

#Saas #TechSector #ITsector #AutomatedGearboxes #Streamlining #DigitalPlatform

[spectrumtalentmanagement]

#TechSector #SalaryHike #TechJobs #IndustryReport #TechIndustry #SpectrumReport

[mikyit]

Celebrities #Will_I_Am 👨🏿🎵 and #MatthewMcConaughey 👨📽️ have taken part in high level discussions about #strategy 🧠 at software giant Salesforce, according to a report from the Financial Times. "#BlackEyedPeas" star #Will.i.am , real name William Adams, has been deeply involved in the #Tech #Sector for many years, founding #wearables company I.AM+, which in 2017 raised $117 million in funding from firms including #SalesforceVentures, according to PitchBook Data. #McConaughey has been heavily involved in Salesforce's advertising in recent years, including appearing in its 2022 #SuperBowl commercial. According to a different source cited by the #FT, #McConaughey and #Will.i.am are only involved in informal conversations in the #business, not meetings around corporate #strategy.

#CRM #corporatecommunication #corporatestrategy #investors #TechSector

[usnewsper-business]

ZScaler's Cloud Security Success: Strong Growth, Stock Drop, and Future Challenges #CEO #CloudComputing #cloudsecuritycompany #cloudsecurityservices #competition #Cybersecurity #digitallandscape #fiscalthirdquarterearnings #futureprospects #guidance #increasedadoption #investorsentiment #JayChaudhry #Revenuegrowth #robustsecuritymeasures #salescycles #stockprice #supplychainissues #techsector. #ZeroTrustapproach #ZScaler

#Business #CEO #CloudComputing #cloudsecuritycompany #cloudsecurityservices #competition #Cybersecurity #digitallandscape #fiscalthirdquarterearnings #futureprospects #guidance #increasedadoption #investorsentiment #JayChaudhry #Revenuegrowth #robustsecuritymeasures #salescycles #stockprice #supplychainissues #techsector. #ZeroTrustapproach #ZScaler

[techvandaag]

Network Resilience Coalition pakt verouderde netwerk-infrastructuur aan

Een grote groep bedrijven in de techsector hebben zojuist de Network Resilience Coalition (NRC) gelanceerd. Met deze organisatie wil men het security-niveau van data en netwerken wereldwijd aansterken. De groep bestaat onder andere uit AT&T, BT Group, Cisco, Fortinet, Juniper Networks, Lumen Technologies, Verizon en VMware. Deze partijen willen de wereldwijde economische en nationale veiligheid […] http://dlvr.it/SsjyZJ

[arun-pratap-singh]

Friesland techsector van het Noorden: start-ups haalden vorig jaar 22,7 miljoen aan investeringen op

Overigens is een start-up goed voor bijna de helft van alle investeringen in Friesland. SusPhos uit Balk, dat een techniek heeft ontwikkeld om fosfaat uit rioolslib te halen en te hergebruiken, kreeg vorig jaar 10 miljoen euro, waarvan een deel uit het European Innovation Council Fund kwam. SeaQurrent uit Grou, dat met een onderwatervlieger energie wil opwekken, haalde 4,8 miljoen euro op bij…

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[ccsacademy]

Entering the #techsector has never been easier! Our immersive Bootcamp programs can have you fully prepared for an entry-level role in 8-12 weeks. Yes, employers accept this type of technical certification. Contact us to learn more https://loom.ly/i-O2oaw   

#CCSLA #techcareer #careerintech #techtraining #CCSLearningAcademy

[yoofllc]

Smart Train Window Technology 😮💯 🎥 Credit = @fantastic.technology Credit: u/jaewaie on Reddit ⠀ #tech #techbuddy #technologicalbusiness #techneat #techaddiction #techtutorials #technologyinformation #techquote #technologyawards #totechyworld #techstartups #technoglowproducts #techconference #technoPR #technohead #technicalfest #techsector #technology #technology #tech #innovation #engineering #iphone #business #science https://www.instagram.com/p/CPdEWaRFXKq/?utm_medium=tumblr

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[gadgetbowl]

Me just watching it 1000 times⠀ 🌺🌺Follow @gadgetbowl for tech updates . ------------------------------------------------------------ 💡💡 DM for credit or removal request (no copyright infringement intended).💡💡 🔗 All rights and credits reserved to the respective owner(s). Credit to: @marblemannequin on TikTok  ----------------------------------------------------------- #tech #techneat #techaddiction #techtutorials #techquote #totechyworld #techstartups #technohead #technicalfest #techsector #technology #technology #tech #innovation #business #science #equipment #engineeringconcepts #industry #machine #engineering #physics #concepts #newtechnologies #science #steel #steelhead #cutting #cutter #cuttingshapes #likeforlikes #likesforlike (at Los Angeles, California) https://www.instagram.com/p/CGOt9tZDCwR/?igshid=pfapdbxxqwrx

#tech #techneat #techaddiction #techtutorials #techquote #totechyworld #techstartups #technohead #technicalfest #techsector #technology #innovation #business #science #equipment #engineeringconcepts #industry #machine #engineering #physics #concepts #newtechnologies #steel #steelhead #cutting #cutter #cuttingshapes #likeforlikes #likesforlike

[betterplaceimmigration]

According to #JustinTrudeau, #Canada #immigration policies are advantageous to the #techsector Read More: http://bit.ly/2MfUzhK

#justintrudeau #techsector #immigration #canada

[youngemodernlaughs]

Which number are you today? Waiting out an ice storm catching up on @siliconhbo on @cravecanada I like this show not because of the tech but it at it’s core it is about richard and his team believing in what they are trying to do. Living out everything it could be. The villains are real and never the same each episode It is about a guy with real fears trying. Also all people named Marty are contractually obligated to like dig everything #martinstarr is in. . . . . . #siliconvalley #hbo #icestorm #watchingtv #stories #comedy #meme #piedpiper #techsector #kwtech #comedyblogger #youngemodernlaughs (at Pied Piper) https://www.instagram.com/p/BtjZ1WLB2nc/?utm_source=ig_tumblr_share&igshid=1jd9vme7psmzi

#martinstarr #siliconvalley #hbo #icestorm #watchingtv #stories #comedy #meme #piedpiper #techsector #kwtech #comedyblogger #youngemodernlaughs

[techvandaag]

Kabinet komt met plan om techsector te bemoedigen

Het kabinet wil meer financiering en marktkapitaal vrij maken voor de techsector. Het heeft een aantal ambities uitgesproken die vorm moeten geven aan de promotie van tech in Nederland de komende jaren. Begin dit jaar luidde belangenorganisatie Techleap de noodklok. Nederlandse startups zouden het regelmatig afleggen tegen buitenlandse concurrentie. Het grote geld werd elders geïnvesteerd […] http://dlvr.it/Sph0Gn

[arun-pratap-singh]

Noordelijke tech groeit snel. Maar donkere wolken boven sector pakken zich net zo snel samen

De techsector in Groningen, Drenthe en Friesland groeit snel. Start-ups en scale-ups in het Noorden zijn samen goed voor ruim 5000 banen. #Noordelijke #tech #groeit #snel #Maar #donkere #wolken #boven #sector #pakken #zich #net #snel #samen

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[topelectronics]

Hand powered phone charger! 😯 Follow me @amazonelectronics.in . Follow me @amazonelectronics.in . Follow me @amazonelectronics.in . . . . . #tech #techbuddy #technologicalbusiness #techneat #techaddiction #techtutorials #technologyinformation #techquote #technologyawards #totechyworld #techstartups #technoglowproducts #techconference #technoPR #technohead #technicalfest #techsector #technology https://www.instagram.com/p/CCJTn5tlcdE/?igshid=6nxswvm9wkbn

#tech #techbuddy #technologicalbusiness #techneat #techaddiction #techtutorials #technologyinformation #techquote #technologyawards #totechyworld #techstartups #technoglowproducts #techconference #technopr #technohead #technicalfest #techsector #technology