Breaking News: Cisco Announces Major Restructuring, Cutting 7% of Workforce to Focus on AI and Cybersecurity
In a shocking move, California-based technology giant Cisco Systems has announced that it will be cutting approximately 7% of its global workforce as part of a major restructuring effort. The company, which has been a leader in the networking and telecommunications industry for decades, is shifting its focus to emerging areas such as artificial intelligence (AI) and cybersecurity.
According to sources close to the company, the layoffs will affect around 5,500 employees worldwide, with the majority being based in the United States. The restructuring effort is expected to result in significant cost savings for the company, which will be invested in the development of new AI and cybersecurity technologies.
"Cisco is committed to being a leader in the rapidly evolving technology landscape, and this restructuring is a critical step in achieving that goal," said Chuck Robbins, CEO of Cisco. "We are investing in the areas that will drive growth and innovation for our customers, and this includes a significant focus on AI and cybersecurity."
The layoffs are expected to take place over the next several months, with affected employees being notified in the coming weeks. The company has promised to provide support to those who will be leaving, including severance packages and outplacement assistance.
Why is Cisco making this move?
The move to cut 7% of its workforce is a strategic one for Cisco, which is looking to stay ahead of the curve in the rapidly evolving technology landscape. The company has faced increased competition in recent years from newer, more agile players in the market, and the restructuring effort is designed to help Cisco stay competitive.
By shifting its focus to AI and cybersecurity, Cisco is looking to capitalize on two of the fastest-growing areas of the technology industry. AI is being used to drive innovation in areas such as customer service, data analysis, and automation, while cybersecurity is becoming increasingly critical as companies look to protect themselves against ever-evolving threats.
What does this mean for Cisco’s future?
The restructuring effort is expected to have a significant impact on Cisco’s future, as the company looks to position itself for long-term success. By cutting costs and refocusing on high-growth areas, Cisco is hoping to drive growth and innovation for its customers, while also increasing its own competitiveness in the market.
The company’s shift to AI and cybersecurity is also expected to create new opportunities for employees, as the company looks to develop new skills and expertise in these areas. This could include training and development programs, as well as new job opportunities in emerging fields.
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[Business] – California technology company Cisco says it is cutting 7% of its workforce as it shifts its focus to AI, cybersecurity | ABC
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