The layoffs are the latest in the tech industry, which has been cutting costs this year to offset big investments in AI.
Cisco will cut thousands of jobs in a second round of layoffs this year as the networking equipment maker shifts focus to higher-growth areas, including cybersecurity and AI, people familiar with the matter said., and will likely be announced as early as Wednesday with the company’s fourth-quarter results, said the sources, who were not authorized to speak publicly.
That has pushed the company to diversify with moves such as its $28-billion buyout of cybersecurity firm Splunk, which it completed in March. The acquisition will reduce its reliance on one-time equipment sales by boosting its subscription business.
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