(Bloomberg) — Cisco Systems Inc. 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.
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The news follows Cisco’s move to cut approximately 4,000 jobs in February after a slowdown in corporate tech spending wiped out its sales growth. The company had nearly 85,000 workers at the end of fiscal 2023, which ran through July of that year.
Cisco joins other tech companies in paring jobs as they cope with uneven demand. Though AI spending has helped fuel growth in some areas, traditional information technology giants haven’t benefited as much. Intel Corp. announced plans last week to slash 15,000 jobs as it contends with sluggish sales. Dell Technologies Inc. is also cutting positions as part…
