Exclusive: Cisco to lay off thousands more in second job cut this year

reuters ^ | 08/10/2024 | Utkarsh Shetti and Supantha Mukherjee

[ChicagoConservative27]

Aug 9 (Reuters) - Cisco (CSCO.O), opens new tab 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. The number of people affected could be similar to or slightly higher than the 4,000 employees Cisco laid off in February, 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.

Reuters exclusively reported the job cut that San Jose, California-based Cisco announced in February, prior to the company announcing it. The company employed around 84,900 people as of July 2023, according to its annual filing. That number does not account for the February layoffs. Cisco did not immediately respond to a request for comment. Its shares fell nearly 1% after Reuters first reported the cuts. The stock was down over 9% this year as of Thursday's close.

[griswold3]

Stellantis warns union of 2,000 or more potential job cuts at an auto plant outside Detroit
Saw this headline after Kamalamdingdongs UAW rally with pres Shawn Fein (the collective)
But just read the UE Bennies they get:
“ The company said indefinitely senior union employees that are let go will receive 52 weeks of supplemental unemployment benefits and 52 weeks of transition assistance. That’s in addition to state unemployment benefits an employee might be eligible for. They will also get two years of healthcare coverage, the company said.”
I need a new work truck but I’m not paying $100K 🤬🤬🤬

[Nifster]

Not good at all

[Bon of Babble]

LoL, no. I’m retired - and very proud of him and his hardwork and achievements.

[Texas resident]

Layoff season is beginning early this year.

[rmlew]

Not all tech industries are the same. Cisco began as a Networking and Network Security company. There is a very real role for AI in network monitoring to look for novel attacks. We are already seeing AI used to create new malware, write better phishing, make Video Phishing a real threat and to look for ways to break into networks.


Cisco expanded into larger network infrastructure including servers and hyperconverged infrastructure. If other companies want to spend money on their own AI, Cisco will profit off it.
They also expanded into Full Stack/ Solution Stack software management, which include security. AI is going to be integrated into management and security testing.