New Delhi: Tech giant Cisco has laid off thousands of employees, reportedly the company’s second major job cut this year.
According to a TechCrunch report, Cisco is cutting about 5,600 jobs, or 7% of its workforce, as part of an ongoing effort to manage costs amid falling demand and focus on investments in artificial intelligence (AI).
This latest round of layoffs comes after Cisco cut nearly 4,000 jobs in February.
The company’s decision has left many employees uncertain, with reports indicating that Cisco did not reveal exactly which departments or teams would be affected until mid-September.
It’s part of a broader trend in the technology sector where companies are cutting jobs to combat economic challenges and falling demand.
In total, more than 136,000 tech workers will be laid off at 422 companies in 2024, according to industry figures. Before these layoffs, Cisco had approximately 85,000 employees.
Despite the layoffs, Cisco remains optimistic about the future of its business. CEO Chuck Robbins said the company expects a recovery in demand for its networking equipment in the coming months.
