Cisco to cut thousands of jobs in new round of layoffs

Cisco Systems will implement a second round of layoffs this year, affecting thousands of employees as the company shifts its focus to growth areas like cybersecurity and artificial intelligence (AI).

Key Details

  • Layoffs Overview: The upcoming job cuts could match or exceed the 4,000 employees Cisco laid off in February. The announcement is expected alongside the company’s fourth-quarter results, which are set to be released on Wednesday.
  • Employee Numbers: As of July 2023, Cisco employed approximately 84,900 people. This figure does not include the February layoffs.

Financial Impact

  • Stock Reaction: Following the news of the layoffs, Cisco’s shares fell nearly 1%. The stock has decreased by over 9% this year as of Thursday’s close.