Cisco To Lay Off Over 4,000 Employees

Cisco Systems has announced plans to reduce 5 per cent of its global workforce, resulting in roughly 4,000 job losses. The networking equipment behemoth has also lowered its yearly revenue target, noting the difficult economic climate that has resulted in widespread layoffs in the IT sector.

Cisco is strategically focusing on artificial intelligence (AI) and has formed a relationship with Nvidia to drive growth. This is believed to be the basis for the redundancy of 5 per cent of its global personnel. The company, which claims to have 85,000 employees, is undertaking layoffs as part of a larger restructuring attempt to focus on high-growth areas.