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Cisco is planning a second round of layoffs, affecting thousands of employees.
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The company is shifting focus towards high-growth areas like cybersecurity and AI.
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This move follows a previous round of layoffs in February, where 4,000 employees were let go.
Cisco, the leading manufacturer of internet routers and switches, is set to implement a second round of layoffs this year. The company is expected to cut thousands of jobs as it shifts its focus towards high-growth sectors like cybersecurity and artificial intelligence (AI). This move comes after a previous round of layoffs in February, where 4,000 employees were let go.
The layoffs are part of Cisco’s strategy to diversify its portfolio and reduce reliance on one-time equipment sales. The company has been facing sluggish demand and supply chain challenges in its core business, driving the need for change. Cisco has been investing heavily in AI and cybersecurity, including a $28 billion acquisition of cybersecurity firm Splunk in March.
The layoffs are expected to be announced alongside the company’s fourth-quarter results. This move aligns with the broader trend in the tech industry, where companies are cutting costs to offset significant investments in AI. Over 126,000 people have been laid off across 393 tech companies since the beginning of the year.
