"Cisco Systems Announces Layoffs of Over 4,000 Employees Amid Tech Industry Challenges"
Cisco Systems is laying off over 4,000 employees, representing about 5% of its workforce, as part of a reorganization expected to cost an additional $800 million. The move comes amid sluggish demand for its products and software services, reflecting a trend of job insecurity in the tech industry despite continued profitability. The company's stock price has gained just 6% in a soaring market, prompting deeper payroll cuts. The industry is shifting focus to artificial intelligence, with experts predicting more job cuts as AI technology advances. Cisco's CEO highlighted the company's position to benefit from AI adoption through its relationship with chipmaker Nvidia.
- Cisco Systems to lay off more than 4000 workers in latest sign of tighter times in tech The Associated Press
- Cisco says it's cutting 5% of global workforce, amounting to over 4,000 jobs CNBC
- Cisco to lay off thousands of employees CNN
- Tech layoffs: Cisco confirms more than 4,000 job cuts San Francisco Chronicle
- Bay Area tech giant Cisco to lay off more than 4,000, again SFGATE
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