INSUBCONTINENT EXCLUSIVE:
| Image: Wikimedia Commons2 min read Last Updated : Sep 19 2024 | 7:04 PM IST
Cisco, a leading US tech company, has recently laid off
thousands of employees in what marks its second significant job cut this year, according to a report by The Times of India.
A report by
Cisco is also concentrating on investments in artificial intelligence (AI) as part of its strategy.
Earlier in the year, the tech major
left employees uncertain about which departments or teams will be affected, with further clarity expected by mid-September.
These layoffs
reflect a broader trend in the technology sector, where many firms are cutting jobs in response to economic pressures and reduced demand
In 2024 alone, over 136,000 employees across 422 tech companies have been affected by layoffs
Cisco, which employed roughly 85,000 people before these cuts, is among them, the report said.
In a move to realign its business focus,
Cisco is investing in high-growth sectors such as AI and cybersecurity
The company has committed $1 billion towards AI startups and made a significant $28 billion acquisition of the cybersecurity firm Splunk
According to Robbins, inventory adjustments are complete, and the company is now seeing a return to a more normalised demand environment
according to company disclosures, as mentioned in The Times of India report.
This restructuring is intended to position Cisco for
long-term growth by reallocating resources to areas with the potential for expansion.First Published: Sep 19 2024 | 7:04 PMIST
