"Cisco Announces 5% Global Workforce Reduction in Restructuring Effort"

Cisco plans to cut 5% of its global workforce, amounting to over 4,000 jobs, as part of cost-saving measures following a market downturn. The tech industry has seen a wave of job cuts in 2024, with 144 companies laying off almost 35,000 workers so far this year. Despite reporting strong fiscal second-quarter results, including a revenue decline of 6% year over year, Cisco gave a light forecast and is yet to close its $28 billion acquisition of Splunk. The company's guidance fell short of analyst expectations, leading to a 4% drop in shares in extended trading.