Cisco Plans Second Round of Layoffs in 2024, Thousands of Jobs at Risk

Cisco to lay off thousands more in second job cut this year, sources say

Cisco will cut thousands of jobs in a second round of layoffs this year as the U.S. networking equipment maker shifts focus to higher-growth areas, including cybersecurity and AI, people familiar with the matter said. The number of people affected could be similar to or slightly higher than the 4,000 employees Cisco laid off in February, and will likely be announced as early as Wednesday with the company's fourth-quarter results, said the sources, who were not authorized to speak publicly. Reuters exclusively reported the job cut that San Jose, California-based Cisco announced in February, prior to the company announcing it. The company employed around 84,900 people as of July 2023, according to its annual filing. That number does not account for the February layoffs. Cisco did not immediately respond to a request for comment. Its shares fell nearly 1% after Reuters first reported the cuts. The stock was down over 9% this year as of Thursday's close. Cisco, the largest maker of the routers and switches that direct internet traffic, has been grappling with sluggish demand and supply-chain constraints in its mainstay business. That has pushed the company to diversify with moves such as its $28-billion buyout of cybersecurity firm Splunk, which it completed in March. The acquisition will reduce its reliance on one-time equipment sales by boosting its subscription business. The company has been trying to incorporate AI products in its offerings and in May reiterated its target of $1 billion worth of AI product orders in 2025. In June, it launched a $1-billion fund to make investments in AI startups such as Cohere, Mistral AI and Scale AI. The company said at the time it had made 20 AI-focused acquisitions and investments in the last several years. The layoffs are the latest in the tech industry, which has been cutting costs this year to offset big investments in AI. Over 126,000 people have been laid off across 393 tech companies since the start of the year, according to data from tracking website Layoffs.fyi. Earlier in August, chipmaker Intel cut over 15% of its workforce, or some 17,500 people, as it tried to turn around its money-losing manufacturing business.

Cisco to lay off thousands more in second job cut this year, sources say

Aug 9 (Reuters) - Cisco will cut thousands of jobs in a second round of layoffs this year as the U.S. networking equipment maker shifts focus to higher-growth areas, including cybersecurity and AI, people familiar with the matter said. The number of people affected could be similar to or slightly higher than the 4,000 employees Cisco laid off in February, and will likely be announced as early as Wednesday with the company's fourth-quarter results, said the sources, who were not authorized to speak publicly. Reuters exclusively reported the job cut that San Jose, California-based Cisco announced in February, prior to the company announcing it. The company employed around 84,900 people as of July 2023, according to its annual filing. That number does not account for the February layoffs. Cisco did not immediately respond to a Reuters request for comment. Cisco, the largest maker of the routers and switches that direct internet traffic, has been grappling with sluggish demand and supply-chain constraints in its mainstay business. That has pushed the company to diversify with moves such as its $28-billion buyout of cybersecurity firm Splunk, which it completed in March. The acquisition will reduce its reliance on one-time equipment sales by boosting its subscription business. The company has been trying to incorporate AI products in its offerings and in May reiterated its target of $1 billion worth of AI product orders in 2025. In June, it launched a $1-billion fund to make investments in AI startups such as Cohere, Mistral AI and Scale AI. The company said at the time it had made 20 AI-focused acquisitions and investments in the last several years. The layoffs are the latest in the tech industry, which has been cutting costs this year to offset big investments in AI. Over 126,000 people have been laid off across 393 tech companies since the start of the year, according to data from tracking website Layoffs.fyi. Earlier in August, chipmaker Intel cut over 15% of its workforce, or some 17,500 people, as it tried to turn around its money-losing manufacturing business. (Reporting by Utkarsh Shetti in Bengaluru and Supantha Mukherjee in Stockholm; Editing by Rod Nickel)

Cisco to lay off thousands more in second job cut this year, sources say

The number of people affected could be similar to or slightly higher than the 4,000 employees Cisco laid off in February Cisco will cut thousands of jobs in a second round of layoffs this year as the U.S. networking equipment maker shifts focus to higher-growth areas, including cybersecurity and AI, people familiar with the matter said. The number of people affected could be similar to or slightly higher than the 4,000 employees Cisco laid off in February, and will likely be announced as early as Wednesday with the company's fourth-quarter results, said the sources, who were not authorized to speak publicly. Reuters exclusively reported the job cut that San Jose, California-based Cisco announced in February, prior to the company announcing it. The company employed around 84,900 people as of July 2023, according to its annual filing. That number does not account for the February layoffs. Cisco did not immediately respond to a Reuters request for comment. Cisco, the largest maker of the routers and switches that direct internet traffic, has been grappling with sluggish demand and supply-chain constraints in its mainstay business. That has pushed the company to diversify with moves such as its $28-billion buyout of cybersecurity firm Splunk, which it completed in March. The acquisition will reduce its reliance on one-time equipment sales by boosting its subscription business. The company has been trying to incorporate AI products in its offerings and in May reiterated its target of $1 billion worth of AI product orders in 2025. In June, it launched a $1-billion fund to make investments in AI startups such as Cohere, Mistral AI and Scale AI. The company said at the time it had made 20 AI-focused acquisitions and investments in the last several years. The layoffs are the latest in the tech industry, which has been cutting costs this year to offset big investments in AI. Over 126,000 people have been laid off across 393 tech companies since the start of the year, according to data from tracking website Layoffs.fyi. Earlier in August, chipmaker Intel cut over 15% of its workforce, or some 17,500 people, as it tried to turn around its money-losing manufacturing business. (Reporting by Utkarsh Shetti in Bengaluru and Supantha Mukherjee in Stockholm; Editing by Rod Nickel)

Cisco axing thousands of jobs in second round of layoffs amid shift...

Cisco will cut thousands of jobs in a second round of layoffs this year as the networking equipment maker shifts focus to higher-growth areas, including cybersecurity and AI, people familiar with the matter said. The number of people affected could be similar to or slightly higher than the 4,000 employees Cisco laid off in February, and will likely be announced as early as Wednesday with the company's fourth-quarter results, said the sources, who were not authorized to speak publicly. Reuters exclusively reported the job cuts that San Jose, California-based Cisco announced in February, prior to the company announcing it. The company employed around 84,900 people as of July 2023, according to its annual filing. That number does not account for the February layoffs. Cisco did not immediately respond to a Reuters request for comment. Cisco, the largest maker of the routers and switches that direct internet traffic, has been grappling with sluggish demand and supply-chain constraints in its mainstay business. That has pushed the company to diversify with moves such as its $28-billion buyout of cybersecurity firm Splunk, which it completed in March. The acquisition will reduce its reliance on one-time equipment sales by boosting its subscription business. The company has been trying to incorporate AI products in its offerings and in May reiterated its target of $1 billion worth of AI product orders in 2025. In June, it launched a $1-billion fund to make investments in AI startups such as Cohere, Mistral AI and Scale AI. The company said at the time it had made 20 AI-focused acquisitions and investments in the last several years. The layoffs are the latest in the tech industry, which has been cutting costs this year to offset big investments in AI. Over 126,000 people have been laid off across 393 tech companies since the start of the year, according to data from tracking website Layoffs.fyi. Earlier in August, chipmaker Intel cut over 15% of its workforce, or some 17,500 people, as it tried to turn around its money-losing manufacturing business.

Exclusive-Cisco to lay off thousands more in second job cut this year, sources say

The number of people affected could be similar to or slightly higher than the 4,000 employees Cisco laid off in February, and will likely be announced as early as Wednesday with the company's fourth-quarter results, said the sources, who were not authorized to speak publicly. Reuters exclusively reported the job cut that San Jose, California-based Cisco announced in February, prior to the company announcing it. The company employed around 84,900 people as of July 2023, according to its annual filing. That number does not account for the February layoffs. Cisco did not immediately respond to a Reuters request for comment. Cisco, the largest maker of the routers and switches that direct internet traffic, has been grappling with sluggish demand and supply-chain constraints in its mainstay business. That has pushed the company to diversify with moves such as its $28-billion buyout of cybersecurity firm Splunk, which it completed in March. The acquisition will reduce its reliance on one-time equipment sales by boosting its subscription business. The company has been trying to incorporate AI products in its offerings and in May reiterated its target of $1 billion worth of AI product orders in 2025. In June, it launched a $1-billion fund to make investments in AI startups such as Cohere, Mistral AI and Scale AI. The company said at the time it had made 20 AI-focused acquisitions and investments in the last several years. The layoffs are the latest in the tech industry, which has been cutting costs this year to offset big investments in AI. Over 126,000 people have been laid off across 393 tech companies since the start of the year, according to data from tracking website Layoffs.fyi. Earlier in August, chipmaker Intel cut over 15% of its workforce, or some 17,500 people, as it tried to turn around its money-losing manufacturing business. (Reporting by Utkarsh Shetti in Bengaluru and Supantha Mukherjee in Stockholm; Editing by Rod Nickel)

Cisco Plans New Round of Layoffs in Shift Toward AI, Cybersecurity, Reuters Reports

--Cisco plans to cut its workforce by thousands as the company shifts focus to higher-growth businesses, such as cybersecurity and artificial intelligence, Reuters reports, citing people familiar with the matter. --Cisco's layoffs are expected to be announced as early as Wednesday alongside the company's fiscal fourth-quarter results and could be similar or slightly larger in size to a previous round of 4,000 cuts in February, according to the report. --Cisco, which makes routers and switches that direct internet traffic, employed about 84,900 people as of July 2023, according to its latest annual filing. That number does not account for the February layoffs, the report said. --The company has been struggling with slowed demand and supply-chain snarls, prompting it to diversify its business through acquisitions and AI ambitions, according to Reuters.

Cisco to lay off thousands of employees in second jobs cut this year, shifts focus to cybersecurity and AI: Report | Mint

The number of people affected could reportedly be similar to or slightly higher than the 4,000 employees Cisco fired in February Cisco Systems is set to lay off thousands of its employees in a second round of job cut this year, said a report by news agency Reuters. The San Jose, California-based networking equipment maker is shifting its focus to faster-growing businesses such as cybersecurity and artificial intelligence, as per the report. In February this year, Cisco Systems had cut approximately 4,000 jobs. "The number of people affected could be similar to or slightly higher than the 4,000 employees Cisco laid off in February, and will likely be announced as early as Wednesday with the company's fourth-quarter results," said the report citing sources. According to Cisco's annual filing in 2023, the total number of employees was around 84,900 as of July 2023. The company is shifting its focus to AI products. In May, it reiterated its target of $1 billion worth of AI product orders in 2025. In June, Cisco had launched a $1 billion fund to make investments in AI startups such as Cohere, Mistral AI and Scale AI. In the last few years, the company made 20 AI-focused acquisitions and investments. The layoffs are the latest in the tech industry, which has been cutting costs this year to offset big investments in AI. At 11:13 am, Cisco shares were down less than 1 per cent in New York. On June 17, Cisco had announced that it would set up a cybersecurity centre in Taiwan and work with the government to train more people to work in the sector. It had said that as part of what it calls its Taiwan Digital Acceleration Plan 3.0, it would focus on cybersecurity and planning to partner with the government to train people and address a broader global talent shortage. "In addition, Cisco aims to collaborate with relevant tech associations to establish a security centre in Taiwan for enhanced threat intelligence and cyber readiness," it said in a statement.

Cisco to lay off thousands more in second job cut this year, sources say | BreakingNews.ie

Cisco will cut thousands of jobs in a second round of layoffs this year as the US networking equipment maker shifts focus to higher-growth areas, including cybersecurity and AI, people familiar with the matter said. The number of people affected could be similar to or slightly higher than the 4,000 employees Cisco laid off in February, and will likely be announced as early as Wednesday with the company's fourth-quarter results, said the sources. Reuters exclusively reported the job cut that San Jose, California-based Cisco announced in February, prior to the company announcing it. The company employed around 84,900 people as of July 2023, according to its annual filing. That number does not account for the February lay-offs. Cisco's layoffs could impact Irish jobs, as the company has offices in Dublin and Galway, employing about 300 people here. Cisco did not immediately respond to a request for comment. Cisco, the largest maker of the routers and switches that direct internet traffic, has been grappling with sluggish demand and supply-chain constraints in its mainstay business. That has pushed the company to diversify with moves such as its $28 billion (€26 billion) buyout of cybersecurity firm Splunk, which it completed in March. The acquisition will reduce its reliance on one-time equipment sales by boosting its subscription business. The company has been trying to incorporate AI products in its offerings and in May reiterated its target of $1 billion worth of AI product orders in 2025. In June, it launched a $1 billion fund to make investments in AI startups such as Cohere, Mistral AI and Scale AI. The company said at the time it had made 20 AI-focused acquisitions and investments in the last several years. The lay-offs are the latest in the tech industry, which has been cutting costs this year to offset big investments in AI. Over 126,000 people have been laid off across 393 tech companies since the start of the year, according to data from tracking website Layoffs.fyi Earlier in August, chipmaker Intel cut over 15 per cent of its workforce, or some 17,500 people, as it tried to turn around its money-losing manufacturing business. - Reuters

Cisco may cut more jobs, and likely higher than it laid off in early 2024 - Times of India

Cisco, the world's leading networking equipment manufacturer, is reportedly planning another round of layoffs this year. According to an exclusive report in news agency Reuters, "Cisco will cut thousands of jobs in a second round of layoffs this year as the US networking equipment maker shifts focus to higher-growth areas, including cybersecurity and AI." The report quotes people familiar with the matter. Sources reportedly told Reuters that the job cuts could be similar to, or even slightly exceed, the 4,000 employees laid off in February 2024. An official announcement is expected alongside Cisco's fourth-quarter results, potentially as early as Wednesday, August 14. Cisco facing challenges in its core business The company has been facing challenges in its core business due to sluggish demand and supply chain disruptions. This has prompted Cisco to diversify its offerings through acquisitions like the recent $28 billion purchase of cybersecurity firm Splunk. The move aims to reduce dependence on one-time hardware sales and establish a stronger subscription model. AI is another area of focus for Cisco. The company has ambitious plans to reach $1 billion in AI product orders by 2025. This strategy includes offering AI-powered solutions within their core products and promoting AI startups through a dedicated $1 billion investment fund. Over 1 lakh jobs cut in technology industry in 2024 Cisco's job cuts reflect a broader trend in the tech industry. Many companies are grappling with rising costs and are resorting to workforce reductions to free up resources for investments in cutting-edge technologies like AI. Over 126,000 tech jobs have been lost across various companies in 2024 alone, according to Layoffs.fyi. Cisco's decision highlights the pressure faced by tech giants to adapt and innovate in a rapidly evolving landscape. While the job cuts are a necessary step for the company's future, they will undoubtedly impact the lives of many employees. The TOI Tech Desk is a dedicated team of journalists committed to delivering the latest and most relevant news from the world of technology to readers of The Times of India. TOI Tech Desk's news coverage spans a wide spectrum across gadget launches, gadget reviews, trends, in-depth analysis, exclusive reports and breaking stories that impact technology and the digital universe. Be it how-tos or the latest happenings in AI, cybersecurity, personal gadgets, platforms like WhatsApp, Instagram, Facebook and more; TOI Tech Desk brings the news with accuracy and authenticity.

Cisco To Lay Off Around 4,000 Employees: Report

Thousands of Cisco employees will be affected by a new layoff round, which could be announced next week, according to a Reuters report. Cisco will reportedly lay off around 4,000 employees in its second round of job cuts this year as the world's largest networking company doubles down on artificial intelligence. According to a report from Reuters, Cisco's new layoff round could affect around 4,000 employees or slightly more, which would be around the same number of employees Cisco laid off in February. Reuters, which cited sources familiar with the matter, said the layoffs could be announced next week. Cisco is set to deliver its fourth quarter 2024 financial earnings results on Aug. 14. [Related: Cisco COO Maria Martinez Suddenly Departs In Wake Of Widespread Layoffs] Cisco did not respond to comment on the matter by press time. The San Jose, Calif.-based networking giant employed about 85,000 people in July 2023. Following February's cut of about 4,250 employees, this would leave Cisco with just over 80,000 employees worldwide. In February, Cisco announced that it would conduct a companywide layoff round that would impact about 5 percent of its workforce, totaling about 4,250 employees. This was due to Cisco seeing "greater degrees of caution" related to product ordering during its fiscal Q2 in 2024, which lowered product revenues. The tech giant confirmed that it would be cutting jobs globally to adjust expenses and investments to reflect the current macro environment. Cisco at the time said it expects to recognize about $800 million in charges associated with the restructuring, which was largely related to severance and other one-time termination benefits. Cisco has been implementing many AI products into its portfolio with plans to drive $1 billion worth of AI products orders in 2025. Cisco launched a $1-billion fund to make investments in AI startups such as Cohere, Mistral AI and Scale AI. Just this week, Dell Technologies said it would be laying off employees in a restructuring efforts to become a "learner company" for the AI era.

Cisco to lay off thousands more in second job cut this year: Report

That has pushed the company to diversify with moves such as its $28-billion buyout of cybersecurity firm Splunk, which it completed in March. The acquisition will reduce its reliance on one-time equipment sales by boosting its subscription business. The company has been trying to incorporate AI products in its offerings and in May reiterated its target of $1 billion worth of AI product orders in 2025. In June, it launched a $1-billion fund to make investments in AI startups such as Cohere, Mistral AI and Scale AI. The company said at the time it had made 20 AI-focused acquisitions and investments in the last several years.