This Analyst Predicted 14,000 Cisco Layoffs Back In January

Cisco Systems, Inc. CSCO shares have been under pressure Wednesday following a big report from tech news site CRN.

"Cisco is laying off upward of 14,000 employees, representing nearly 20 percent of the networking giant’s global workforce," multiple sources close to the company told CRN on Tuesday night. "Cisco is expected to announce the cuts within the next few weeks, as many early retirement package plans have already been offered to employees."

After the close, Cisco is expected to report Q4 earnings of $0.60 per share on revenue of $12.57 billion.

Related Link: Cisco Shares Down Ahead Of Q4 Earnings As Layoffs Report Weighs

"We think it's true," Jefferies wrote in a note. "As we've met with investors in recent weeks, we've picked up on concerns that Cisco may be looking to reduce headcount in the not-too-distant future."

However, this may not be the first time you're hearing about this.

Back in January, Global Equities Research Trip Chowdhry released a note on the entire tech sector, saying Back Expertise, Products and Services is going to shrink as jobs in the Customer/Functional Domain increase in focus.

Chowdhry estimated about 333,000 layoffs in tech sector; specifically for Cisco, he expected about 20 percent of its 72,000 employees to be laid off, which would equal about 14,000.

According to TipRanks, Chowdhry has a 63 percent success rate with an average return of 16 percent.