Cisco Systems Inc. will lay off thousands of employees in a second round of job cuts this year.Â
This follows an initial reduction of 4,000 jobs in February.
The new layoffs may be announced alongside the company’s fourth-quarter financial results.
As of July 2023, Cisco had about 84,900 employees, excluding those laid off earlier.
Following the news, Cisco’s stock dropped nearly 1%, and it has fallen more than 9% this year.
The company is shifting its focus to areas with higher growth potential, such as cybersecurity and artificial intelligence (AI).
In March, Cisco completed a $28 billion acquisition of cybersecurity firm Splunk and is also investing in AI startups.
The broader tech industry is experiencing significant layoffs as companies cut costs to balance their large investments in AI.
This year, over 126,000 people have been laid off from 393 tech companies.
Cisco Systems Inc., founded in 1984 by Leonard Bosack and Sandy Lerner, is a global leader in networking and cybersecurity technology.
The company provides a wide range of products and services designed to improve connectivity and security in the digital age.
Cisco is known for its innovations in networking hardware, software, and telecommunications equipment, serving businesses and organizations worldwide.
Over the years, Cisco has expanded its focus to include advanced technologies such as cybersecurity and artificial intelligence, positioning itself at the forefront of technological advancements.
