Cisco cuts 7% of workforce, as it shifts focus to AI, cybersecurity

Quick Summary:

Cisco Systems is planning to lay off 7% of its employees, its second round of job cuts this year, as the company shifts its focus to more rapidly growing areas in technology, such as artificial intelligence and cybersecurity.

The networking equipment maker said in June that it would invest $1 billion in tech startups like Cohere, Mistral and Scale to develop reliable AI products.

The company based in San Jose, California, did not specify the number of jobs it is cutting.

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Article Details

Category: BusinessFinance

Markets: India

Topics: Cybersecurity Cisco San Jose California Jobs Recession Cisco Systems AI

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-15 @ 07:14:21 (9 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 364 words

Reading Time: 3 minutes read

Sentences: 17 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Business Standard

News ID: 22082523

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