Cisco Systems announced plans to cut 7% of its workforce, amounting to approximately 6,000 jobs, following a significant drop in both net income and revenue for the quarter.
Despite a sharp drop in net income, Cisco exceeded Wall Street expectations with a reported net income of $2.16 billion, down 45% year-over-year.
CEO Chuck Robbins stated that the company plans to help integrate newly acquired Splunk into its existing portfolio, emphasizing improved networking, security, and collaboration.
Cisco is attempting to pivot towards artificial intelligence while restructuring internally to streamline its operations in response to the growing demand for cloud computing.
Collection
[
|
...
]