Cisco Systems states it is preparation to lay off 7% of its workers
ByBARBARA ORTUTAY AP innovation author
Cisco Systems is preparation to lay off 7% of its staffmembers, its 2nd round of task cuts this year, as the business shifts its focus to more quickly growing locations in innovation, such as synthetic intelligence and cybersecurity.
The business based in San Jose, California, did not define the number of tasks it is cutting. It had 84,900 workers as of July2023 Based on that figure, the number of tasks cut would be about 5,900. In February, Cisco revealed it would cut about 4,000 tasks.
The networking devices maker stated in June that it would invest $1 billion in tech start-ups like Cohere, Mistral and Scale to establish trusted AI items. It justrecently likewise revealed a collaboration with Nvidia to establish facilities for AI systems.
Cisco’s layoffs come simply 2 weeks after chipmaker Intel Corp. revealed it would cut about 15,000 tasks as it attempts to turn its company around to contend with more effective competitors like Nvidia and AMD. Intel’s quarterly profits report dissatisfied financiers and its stock took a nosedive listbelow the statement. I