Cisco Layoffs: This tech giant will lay off more than 6 thousand employees!

Cisco Systems has announced a large number of layoffs. The company is one of the world’s largest computer networking equipment manufacturers. Recently Cisco announced that it is going to reduce 7 percent of its workforce. This is the second time large-scale layoffs are being conducted at Cisco. Earlier, the company had also conducted retrenchment in February during which 4000 employees were laid off.

The computer networking company had 84,900 employees in July 2023. According to The New York Times, it is estimated that about 6,000 employees could be shown the door in the upcoming layoffs. Talking about the company’s income, a report has been quoted as saying that the company’s net income in the recent quarter was $2.16 billion. This is 45 percent less than the earnings during the same period last year.

Like other tech companies, Cisco is also trying to keep pace with the wave of AI that has hit the industry. The industry is gradually shifting to Artificial Intelligence. Cisco has been one of the largest companies in Silicon Valley. It has held a high position for a long time. Even during the dot.com boom, the company remained the highest valued company in the list of publicly traded companies. But in recent years it has been overtaken by companies that provide cloud computing services to large corporate customers.

Despite all these challenges, Cisco has been successful in earning profits from the market for a long time. In March, Cisco closed a deal to acquire cybersecurity and analytics company Splunk for $28 billion. Cisco Chairman and Chief Executive Chuck Robbins said the company planned to add Splunk to its products. Under which the company will merge the networking, security and collaboration departments of Splunk into a single company.