Cisco plans thousands of jobs cuts in cyber, AI shift

Cisco Systems plans to eliminate thousands more jobs in a second round of layoffs this year, Reuters reported, as the networking equipment maker shifts its focus to faster-growing businesses such as cybersecurity and artificial intelligence.

The news follows Cisco’s move to cut about 4000 jobs in February after a slowdown in corporate tech spending wiped out its sales growth. The company had almost 85,000 workers at the end of fiscal 2023, which ran to July of that year.