Cisco Systems says it is planning to lay off 7% of its employees.
FILE - The Cisco logo appears on a screen at the Nasdaq MarketSite on Oct. 3, 2018 in New York's Times Square. 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 company based in San Jose, California, did not specify the number of jobs it is cutting. It had 84,900 employees as of July 2023. Based on that figure, the number of jobs cut would be about 5,900. In February, Cisco announced it would cut about 4,000 jobs.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.
In a foray into cybersecurity, Cisco launched a cybersecurity readiness index back in March to help businesses measure their resiliency against attacks. Cisco said Wednesday it earned $2.16 billion, or 54 cents per share, in its fiscal fourth quarter that ended on July 27, down 45% from $3.96 billion, or 97 cents per share, in the same period a year ago. Excluding special items, its adjusted earnings were 87 cents per share in the latest quarter.Analysts, on average, were expecting adjusted earnings of 85 cents per share on revenue of $13.54 billion, according to a poll by FactSet.Copyright 2024 The Associated Press. All rights reserved.
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