Linked media – Associated media
Cisco Systems, a leading developer of computer networking solutions based in San Jose, California, has declared it will reduce its workforce by 7 percent, marking its second significant reduction this year. The decision implies approximately 6,000 job losses from its staff of 84,900 as reported in July 2023. Earlier in the year, Cisco had already reduced its staff by 4,000.
Despite the workforce cuts, Cisco reported a net income of $2.16 billion for the latest quarter, a decrease of 45 percent from the previous year, with revenue falling 10 percent to $13.64 billion. However, these figures still surpassed the expectations set by Wall Street, leading to a nearly 6 percent increase in Cisco’s stock price during after-hours trading.
This move by Cisco reflects broader trends in the tech industry, where companies are adjusting their strategies and staffing in response to shifting market dynamics and technological advancements, particularly in the realm of artificial intelligence. The ongoing adjustments within such tech giants underscore the volatile nature of the tech market and the need for firms to remain adaptable to sustain growth and stability.
Connected media – Connected media
