The company gave this information to the US Exchange. According to which the company is going to lay off 7 percent of its employees. That means about 6,000 employees of the company may lose their jobs. Even before this, the company has done large scale layoffs (Cisco Layoffs).
Job Cut: Giant networking company Cisco is planning to lay off about 7 percent of its workforce. The company is going to do large-scale layoffs (Cisco Layoffs). Due to which many employees may be affected. The company’s results from May to July were more than expected, even after which the company is planning to lay off employees.
The company gave this information to the US Exchange. According to which the company is going to lay off 7 percent of the employees. That is, about 6,000 employees of the company may lose their jobs. Even before this, the company has done large-scale layoffs (Cisco Layoffs).
Earlier this year, in the month of February 2024 itself, the company had laid off 4,000 people. Which was 5 percent of the total workforce of the company.
Why is the layoff happening again?
Cisco officials say that after the layoffs, the company wants to do cost cutting. The company will use this money on cyber security and AI. After the layoffs, the company’s costs could be reduced by $1 billion.
The company hopes that after this layoff decision, the company will be able to save 700 to 800 million dollars by the first quarter of 2025. A target has also been set to save a large amount by the end of the year.
In which AI companies will Cisco invest
Cisco says that it had invested in AI startups Cohere, Mistral and Scale in June 2024. This investment was $ 1 billion in all three startups. Not only this, the company is also going to start working on AI with Nvidia.
These companies have also done layoffs
Many big tech companies have also announced layoffs. Intel announced to lay off 15,000 employees. Similarly, Dell announced layoffs of 12,500 employees. The process of layoffs has been going on since the beginning of this year.
