Cisco Paring Thousands of Jobs in New Cutbacks, Reuters Says
- Networking company had previous layoff round earlier this year
- Cisco joins Intel and other tech companies in eliminating jobs
Cisco Systems headquarters in San Jose, California.
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Cisco Systems Inc. plans to eliminate thousands more jobs in a second round of layoffs this year, Reuters reported, as the networking equipment maker shifts its focus to faster-growing businesses such as cybersecurity and artificial intelligence.
The news follows Cisco’s move to cut approximately 4,000 jobs in February after a slowdown in corporate tech spending wiped out its sales growth. The company had nearly 85,000 workers at the end of fiscal 2023, which ran through July of that year.