No Lr in Feb. Confirmed by Chuck in Emea all hands.
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No "Limited Reductions".....Instead there will be UNLIMITED Reductions.
This company is just begging the market to short it.
The plan reported in the press was to get rid of 5,600 people with $1B and the first round was to take $700M-$800M of that. If they burned $800M for 80% of 5,600 that leaves $200M to get rid of 1,120 people which if we assume Cisco was down to 84,000 bodies after the first round that's about 1.33% of the staff that needs to be removed. That's small enough that Cisco could choose to manage it with PIPs.
"No -current- plans"
...However due to "changing market conditions" we see a need to align with our strategic interests in AI, Splunk and AI NVIDIA powered Data-Centers....
Its just the way it plays...
Confirmed again in UKI all hands 5 on now.
I understand these words as: "No plans for February (H1 earnings call), but it doesn't apply to August (FY earnings call)". Sure, there is possibility for Q3, but as we know it is usually Feb or Aug for LR's.
I was actually a bit more impressed with CR at the all hands. Nice to hear him speak plainly when he's out of reach from the boffé'd one. He seems to have a terrible memory for names, though, and he thought that MBS was from the UAE (I think that's who he was referring to).
Does anybody trust any word a Cisco manager says? Me not! Many words have been spoken all these years.
Some senior and experienced TAC engineers being let go, the kind of folks that a company that’s meant to be technical needs. To be replaced by new DEI hires in India to ask customer if they tried rebooting it from their script. Bad way to go.
124 tac engs who will be fired in Brussels next month - “Yeah fu-k me, no LRs”.
there are no current plans
...but there's a meeting tomorrow to start making the plans, so buckle up.
Chuck lies. US jobs die.
Rinse. Repeat.
Yeah… don’t believe a word this ELT spews out of their grotesque faces.
why would someone even ask this question...if they decide to do it, they'll control the flow of information, not some random employee asking a question
don't ask a d-mb question when you know ahead of time you can't be told the truth
He won’t admit if there is.
He didn’t say that, he said “there are no current plans” which is a very different thing. Those plans will change when the results from H1 arrive.
But there will be a few thousand "performance adjustments".
Is this legit?
Chuck said in April 2020 that Cisco, unlike others, will not layoff people during the lockdowns. Guess what happened 4 months later after August? One of the massive layoffs at Cisco.
Here’s a hint: Chuck lies. Repeatedly. Always.
If he says there’d be no layoffs then there’d definitely be LRs but maybe not “layoffs”.