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.

Full article at https://www.reuters.com/technology/cisco-lay-off-thousands-more-second-job-cut-this-year-sources-say-2024-08-09/

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

August 09, 2024 11:42 ET (15:42 GMT)

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