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Cisco did not leak report of 14,000 layoffs ahead of actual announcement

Cisco Systems Inc. and a reporter denied whispers that the company had leaked an untrue layoffs number before announcing an actual restructuring Wednesday that was much smaller.

A Tuesday evening report from news site CRN cited “multiple sources close to the company” saying that Cisco CSCO, -1.29% would slash as much many as 14,000 jobs, about 20% of the company’s workforce. Wednesday afternoon, Cisco instead reported that it would cut about 5,500 jobs, in line with previous workforce changes the company routinely announces at the end of its fiscal year.

As soon as the plan was reported, rumors began to circulate that Cisco had planted the larger number in the press in an effort to ameliorate any negative effects from the announcement.

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