INSUBCONTINENT EXCLUSIVE:
In a foray into cybersecurity, Cisco launched a cybersecurity readiness index back in March to help businesses measure their resiliency
against attacks | Image: Wikimedia Commons2 min read Last Updated : Aug 15 2024 | 7:14 AM IST
Cisco Systems is planning to lay off 7 per
cent of its employees, its second round of job cuts this year, as the company shifts its focus to more rapidly growing areas in technology,
such as artificial intelligence and cybersecurity.
The company based in San Jose, California, did not specify the number of jobs it is
It had 84,900 employees as of July 2023
Based on that figure, the number of jobs cut would be about 5,900
In February, Cisco announced it would cut about 4,000 jobs.
The networking equipment maker said in June that it would invest $1 billion in
tech startups like Cohere, Mistral and Scale to develop reliable AI products
It recently also announced a partnership with Nvidia to develop infrastructure for AI systems.
Cisco's layoffs come just two weeks after
chipmaker Intel Corp announced it would cut about 15,000 jobs as it tries to turn its business around to compete with more successful rivals
Intel's quarterly earnings report disappointed investors and its stock took a nosedive following the announcement
In contrast, Cisco's shares were up about 6 per cent after-hours on Wednesday.
In a foray into cybersecurity, Cisco launched a
cybersecurity readiness index back in March to help businesses measure their resiliency against attacks.
Cisco Systems Inc said Wednesday
it earned $2.16 billion, or 54 cents per share, in its fiscal fourth quarter that ended on July 27, down 45 per cent from $3.96 billion, or
97 cents per share, in the same period a year ago
Excluding special items, its adjusted earnings were 87 cents per share in the latest quarter.
Revenue fell 10 per cent to $13.64 billion
from $15.2 billion.
Analysts, on average, were expecting adjusted earnings of 85 cents per share on revenue of $13.54 billion, according
to a poll by FactSet.(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the
content is auto-generated from a syndicated feed.)First Published: Aug 15 2024 | 7:14 AMIST
