Cisco lays off 5,600 employees (7% of workforce) to cut costs and refocus on growth areas.

Cisco Systems has announced a significant layoff of 5,600 employees, representing 7% of its workforce, following a previous reduction of 4,000 jobs in February. The company aims to cut costs and refocus on growth areas, including artificial intelligence. Despite these layoffs, Cisco reported $54 billion in annual revenue for 2024, marking its second strongest year. Employee discontent is rising due to uncertainty about affected departments.

September 17, 2024
9 Articles

Further Reading