Tech
Cisco plans retrenchment of 4,000 workers, to focus on AI
The largest networking company in the world, Cisco, has concluded plans to sack some employees in its second round of retrenchment exercise this year and concentrates on artificial intelligence.
Reports emerged that 4,000 or a little more people may be affected by Cisco’s current wave of layoffs, comparable to the number of workers sent home in February.
Sources said Cisco has shifted its focus to higher growth industries like cyber security and artificial intelligence since last year and cut more jobs to save cost.
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They added that the company has faced difficulties due to its primary industry’s slow demand and supply-chain limitations.
Moves such as the $28 billion acquisition of cybersecurity firm Splunk, have driven the company to diversify its services.
In February, Cisco declared that a round of corporate layoffs would impact 4,250 employees or 5% of the total workforce.
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