Cisco Systems plans to lay off 7% of its workforce as part of a strategic shift towards faster-growing technology sectors like AI and cybersecurity, marking its second major cut this year.
In February, Cisco had previously announced a layoff of about 4,000 jobs. With a total employment of 84,900, this new layoff translates to approximately 5,900 jobs, reflecting the company's ongoing recalibration.
Cisco’s commitment to invest $1 billion in tech startups such as Cohere and Mistral demonstrates its proactive approach to enhance AI product reliability and keep pace in a competitive market.
Despite falling earnings and revenue, Cisco's stock saw a 6% increase in after-hours trading, showing investor confidence juxtaposed against layoffs and industry shifts, particularly in AI partnerships.
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