Cisco Systems Inc. announced plans to lay off 4,100 employees, or about 5% of its workforce, as part of a restructuring plan. The tech giant cited “the broader economic slowdown” as the reason behind the job cuts. Cisco expects to take a pretax charge of about $600 million for severance, termination, and other costs related to the layoffs. The company aims to reallocate resources to focus on its key priorities, such as expanding its cybersecurity business and investing in cloud computing. Cisco’s revenue for the quarter ending July 29 fell nearly 9% to $13.6 billion, while its net income dropped 18% to $2.8 billion. The layoffs come as many tech companies have been cutting costs amid economic uncertainty.
Source: https://apnews.com/article/cisco-job-cuts-technology-layoffs-78ad036870555f53fe03739cf1ae76f9