Cisco to lay off thousands more in second round of job cuts this year
Tech giant shifts focus to AI and cybersecurity amid ongoing workforce reductions
Tech giant shifts focus to AI and cybersecurity amid ongoing workforce reductions
Cisco Systems will lay off approximately 4,000 employees in a second wave of job cuts for 2024, according to sources familiar with the matter. This latest reduction, which could be announced as early as next week alongside the company's fourth-quarter results, mirrors the 4,000 layoffs reported in February. The move comes as the U.S.-based networking equipment maker focuses on higher-growth areas such as artificial intelligence (AI) and cybersecurity.
The company, which employed around 85,000 people in July 2023, has faced sluggish demand and supply-chain issues in its core business. To address these challenges, Cisco has diversified its operations, including a $28 billion acquisition of cybersecurity firm Splunk and a $1 billion investment fund for AI startups. Despite these efforts, Cisco's stock has fallen over 9% this year, reflecting broader challenges in the tech industry.
The latest round of layoffs follows a similar trend seen across the tech sector, which has seen over 126,000 job losses in 2024, according to Layoffs.fyi. Cisco's workforce reduction highlights the ongoing adjustments technology companies are making to balance significant investments in AI with their operational needs.
(Sources: Utkarsh Shetti and Supantha Mukherjee, REUTERS; Mark Havannas, CRN)
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