Cisco has announced a 7% reduction in its global workforce, marking the second significant job cut in 2024 as part of a restructuring plan to focus on AI and cybersecurity. The company aims to save $1 billion through layoffs and other cost-saving measures. Despite the layoffs, Cisco is investing in AI startups and cybersecurity solutions to drive future growth. The tech industry is experiencing widespread layoffs, with companies like Intel also cutting jobs to optimize costs and focus on key business areas. Cisco’s strategic restructuring reflects its commitment to innovation and long-term growth in a competitive tech landscape.
