New Delhi: Global networking giant Cisco is laying off 350 employees in the Silicon Valley in the US next month in its latest job cut round. The company revealed this in a filing with California's Employment Development Department, reports Market Watch. Cisco will lay off 227 people in San Jose, and another 123 in nearby Milpitas, California, effective from October 16.


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The company in November 2022 announced to slash about 5 percent of its workforce, around 4,000 jobs. It laid off nearly 700 Silicon Valley employees in March, according to state filings. (Also Read: This Business Idea Turns Entrepreneurs Into Bosses: Earn Rs 3-5 Lakh Per Month With Just Rs 10-12 Lakh Investment)


In July, Cisco started another round of layoffs affecting employees across business units, which were part of an earlier "rebalancing effort". The company had said in a statement that these “recent notifications are part of the rebalancing effort we began in November 2022, which included a limited restructuring impacting our real estate portfolio and approximately 5 percent of our workforce”. (Also Read: 10 Awesome Saree Poses For Graceful Click)


The layoffs in November were part of a $600 million restructuring plan. The company said in a statement that "this rebalancing is about prioritising investments in our transformation, to meet and exceed our customers' expectations in the changing technology landscape”.


In its fourth-quarter results in August, the IT networking company said the revenue went up 16 percent year-over-year to $15.2 billion. For its full fiscal 2023 year, Cisco generated sales of $57 billion. Cisco generated $6 billion in operating cash flow, which is a significant increase of 62 percent compared to the same period last year.