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On Wednesday, Cisco announced it will lay off around 7% of its global workforce in a move that will impact several thousand employees. The number of affected workers in the Research Triangle, where the company has a major footprint, is not yet known.
But the timing of these job cuts is clearer. Cisco said in a filing it expects to spend $1 billion in severance and other termination benefits from this restructuring, with between $700 million and $800 million of these costs realized in the current fiscal quarter.
“It really is about ensuring in a rapidly moving market that we serve that we’re able to shift resources into the most important areas,” Cisco CEO Chuck Robbins told investors during an earnings call Wednesday.
Two areas Cisco has prioritized are artificial intelligence and cybersecurity.
“To focus on these two broad areas, today we announced a restructuring plan to allow us to both invest in key growth opportunities as well as drive more efficiency in our business,” Robbins said.