Posted 2/15/2024, 2:20:00 PM
Cisco to Lay Off 5% of Workforce, About 4,000 Employees, to Refocus on AI and Software
- Cisco plans to lay off over 4,000 employees, about 5% of its workforce, to focus more on AI and software
- The layoffs expected to cost Cisco $800 million in severance and benefits
- Cisco cutting annual revenue forecast from $55B down to $51.5B-$52.5B
- Layoffs part of partnership with Nvidia to offer simplified AI infrastructure
- Layoffs come as other tech companies like Snap, Alphabet, eBay also eliminating positions