Jobhunter Posted August 16 Share Posted August 16 Cisco Systems, the San Jose-based tech behemoth, has announced a reduction of 7% of its workforce. This move is part of a broader transformation as the company intensifies its focus on burgeoning sectors such as artificial intelligence (AI) and cybersecurity. The job cuts follow a previous round of layoffs earlier this year, which saw it downsized by 4,000 positions. The exact number of affected employees remains undisclosed, but estimates suggest a cut of approximately 5,500 to 5,900 jobs. Simultaneously, Cisco is channeling significant investment into AI, a domain poised to revolutionize numerous industries. In June, the company pledged $1 billion to AI startups, and partnered with Nvidia to develop infrastructure for AI systems. In addition to AI, cybersecurity has emerged as a key area of focus for Cisco. The company’s recent acquisition of cybersecurity firm Splunk, its largest deal to date, signals the growing importance of this sector. Cisco is not the only tech giant impacted by large-scale layoffs in recent weeks. Earlier this month, Dell reportedly let go of 12,500 employees, following 15,000 job cuts at Intel. Read more: https://www.sec.gov/ix?doc=/Archives/edgar/data/0000858877/000119312524200636/d878533d8k.htm https://www.sfgate.com/tech/article/cisco-layoffs-second-this-year-19657267.php https://futurism.com/the-byte/cisco-layoff-ai-profit https://www.nytimes.com/2024/08/14/technology/cisco-layoffs.html https://apnews.com/article/cisco-job-cuts-technology-layoffs-78ad036870555f53fe03739cf1ae76f9 Image: Ken Wolter | Dreamstime.com Quote Link to comment Share on other sites More sharing options...
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