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Cisco Systems Inc. (CSCO.O) is laying off about 14,000 employees, representing nearly 20 percent of the network equipment maker's global workforce, technology news site CRN reported, citing sources close to the company.
San Jose, California-based Cisco is expected to announce the cuts within the next few weeks, the report said, as the company transition from its hardware roots into a software-centric organization. ((link tracking not allowed)/2bEQfa3) Cisco, which had more than 70,000 employees as of April 30, declined to comment.
Cisco increasingly requires "different skill sets" for the "software-defined future" than it did in the past, as it pushes to capture a higher share of the addressable market and aims to boost its margins, the CRN report said citing a source familiar with the situation.
Cisco has been investing in new products such as data analytics software and cloud-based tools for data centers, to offset the impact of sluggish spending by telecom carriers and enterprises on its main business of making network switches and routers.