Adrian Johnson
TLDR:
- Cisco is set to lay off thousands of employees in a second round of job cuts this year.
- The company is shifting its focus to cybersecurity and artificial intelligence.
Cisco Systems, a networking equipment maker based in San Jose, California, is planning to lay off thousands of employees in a second round of job cuts this year. This move is part of the company’s strategy to shift focus towards faster-growing businesses like cybersecurity and artificial intelligence. In February, Cisco had already cut around 4,000 jobs, and the upcoming layoff could affect a similar number of employees. The company, with around 84,900 employees as of July 2023, is aiming to boost its AI products and had launched a $1 billion fund to invest in AI startups. These layoffs are part of a broader trend in the tech industry of cutting costs to invest in AI technologies.
In June, Cisco had announced plans to establish a cybersecurity center in Taiwan and collaborate with the government to train individuals for the sector. With a focus on enhancing threat intelligence and cyber readiness, Cisco is aligning its efforts with its Taiwan Digital Acceleration Plan 3.0. Overall, the company is looking to capitalize on the growth opportunities presented by AI and cybersecurity in the current market landscape.
