Cisco to cut 7% of workforce as it shifts focus to AI, cybersecurity
Cisco to cut 7% of workforce as it shifts focus to AI, cybersecurity
Transcript
00:00Cisco Systems plans to cut 7% of its workforce or about 5,900 jobs as it shifts focus to
00:08artificial intelligence or AI and cyber security.
00:12This follows a previous reduction of 4,000 jobs last February.
00:17Despite the layoff, Cisco shares rose in contrast to Intel's recent job cuts and disappointing
00:23earnings.
00:24Cisco's quarter 4 earnings fell 45%, but the company expects a recovery in demand and
00:29forecasts earnings of 86 to 88 cents per share for the current quarter.