Cisco will cut thousands of jobs in a second round of layoffs this year as the U.S. networking equipment maker shifts focus to higher-growth areas, including cybersecurity and AI, people familiar with the matter said.
FILE PHOTO: The Cisco logo is displayed, during the GSMA's 2023 Mobile World Congress in Barcelona, Spain March 1, 2023. REUTERS/Nacho Doce/File Photo
Reuters exclusively reported the job cut that San Jose, California-based Cisco announced in February, prior to the company announcing it. 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.
The layoffs are the latest in the tech industry, which has been cutting costs this year to offset big investments in AI.
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