Cisco Systems to Cut About 6000 employees in Second Round of Layoffs

Cisco Systems has announced a large number of layoffs. The company is one of the world’s largest computer networking equipment manufacturing firms. Recently, Cisco announced that it is going to reduce 7 percent of its workforce. This is the second time that large-scale layoffs are being done at Cisco. Earlier, the company had also done layoffs in February during which 4000 employees were laid off.

The computer networking company had 84,900 employees in July 2023. The New York Times According to the report, it is estimated that about 6000 employees may be shown the way out in the upcoming layoffs. Talking about the company’s income, a Report It has been quoted as saying that the company’s net income in the recent quarter was $2.16 billion. This is 45 percent less than the earnings during the same period last year.

Like other tech companies, Cisco is also trying to keep pace with the wave of AI that has swept the industry. The industry is gradually shifting to artificial intelligence. Cisco has been one of the biggest companies in Silicon Valley. It has held the top position for a long time. During the dot.com boom, the company was also the most valued company in the list of public trading companies. But in recent years, it has been overtaken by companies providing cloud computing services to large corporate customers.

Despite all these challenges, Cisco has managed to profit from the market for a long time. In March, Cisco closed a deal to acquire cybersecurity and analytics company Splunk for $28 billion. Cisco Chairman and Chief Executive Chuck Robbins said the company plans to integrate Splunk into its products. Under this, the company will merge Splunk’s networking, security and collaboration divisions into a single company.