Cisco has declared to spend $300 million for restructuring costs so we can assume atleast 4000 ppl will be laid off.
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The group I'm working for is struggling to hire people! We have about 30 reqs open!
GOOD luck to you all! You are but cattle that can be milked, sold and slaughtered.
Hey HR kids who post here,
There is a business metric published every quarter. Market share. If we are gaining share in any major business, good. If not layoffs. Since we are losing share in most of our scale businesses, there will be pain.
Cisco will cull more people. It could be 5k or 10k. They are no longer making any public announcements and culling is happening very silently at all levels.
"It's confirmed 5000 people will be fired in next 6 month's."
Only confirmed by the c--- jockey who write that post!
“controlling the information flow, pushing a favorable narrative and managing his image upwards” - this is why your customers thought they bought features which are not in your box. The true cause is not Broadcom but Inside Cisco. LOL!
Another 5000 impacted? At least the Executive Leadership Team was also fired.
It's confirmed 5000 people will be fired in next 6 month's.
@Tc28LqK-2dly, yes! No one is immune from it.
UOIP is rebounding back and it may cause more issues for the vendors. It is 11% up today. Do some research and look into it. It is related to DOCSIS 3.0 patents. Cisco lost 7 out of 8 IPRs already.
https://seekingalpha.com/instablog/3646631-anthony-cataldo/5148606-1000-percent-returns-anticipated-investors-holding-unifiedonline-inc
https://seekingalpha.com/instablog/3646631-anthony-cataldo/5151691-cost-effective-cisco-continue-fight-keep-modest-liability-expense-balance-sheet-income
https://seekingalpha.com/article/4165157-unifiedonline-inc-patent-lawsuit-may-negatively-impact-arris-stock-price
Does SP access also gets impacted? I beleive SP access is doing good in terms of revenue!
Aren't you lot the life and soul of the party! Cheer up you sad depressives. Go buy some happy pills.
4000 works out to $75K each. Perhaps they will purge some people from some BU before trying to offload it (SPVSS?) which will account for some of it? Maybe they'll try to get rid of 2-3 layers of SVP and 4-5 of directors all reporting to each other? This would mean they may pay more than predicted.
But even assuming it's just us at the bottom being purged, that number seems a bit high - especially since many Europeans will need to be paid more than $75K to walk away. Anyway, it's got to be at least 3,000.
So, only $50m to be spend in Q4, and the other $250m in FY19. It's going to be a fun next 15 months watching and waiting to see who get taken out. Good for morale, or not? People deal - yippee!!
Yes, it's really becoming boring with the almost weekly emails welcoming "leadership talent" from Juniper to the BU (director level or above, if you please).
The leader of SA is too busy managing diversity hiring initiatives to actually figure out what SA is up to (really - it's the only thing he measures on a continuing basis). I work under SA, and he's made it VERY CLEAR to us that under NO circumstances is information to "leak" to the execs above him. He spends a lot of time controlling the information flow, pushing a favorable narrative and managing his image upwards.
@Tc28LqK-1hbv, 2nd your observation. In the past four years, RC and SA let go most of the good folks in the edge business (managers and engineers) by replacing with their friends from Juniper and Brocade. One time RC and SA were separated to two different business segments and there was a sign of change to the right direction. However, the new leader who leads SA doesn’t seem to be capable of managing him. The overall business will go worse before it gets better.
Cisco has declared to spend $300 million for restructuring costs so we can assume atleast 4000 ppl will be laid off.
Please explain you math.
“In the third quarter of fiscal 2018, Cisco initiated a restructuring plan in order to realign the organization and enable further investment in key priority areas. The total pre-tax cash charges to the GAAP financial results is estimated to be approximately $300 million consisting of severance and other one-time benefits, and other associated costs. We expect to recognize up to $50 million of these charges in the fourth quarter of fiscal 2018 with the remaining amount to be recognized through fiscal 2019”
Well, I hinted earlier, but the SP numbers are terrible. You should expect SP to get changed beyond recognition. Although the core numbers are bad, edge not good, not sure how much they will be hit. Sad that the BU has been used as a training ground for the SVP and we had to blow hundreds of millions and ruin thousands of lives to teach him business 101.
Macro downturn starting...
Google: "Morgan Stanley issues warning that the end is near for the bull market"
Cisco also said it began a restructuring plan in the third quarter that would result in an estimated charge of $300 million for severance, other one-time benefits and associated costs. The company called the restructuring “narrow in scope,” and declined to provide further details.
Watching a person with a mortgage and family to feed be impacted by a layoff is brutal. I'm glad to see the CEO got another $700,000 raise.